CAIRO: The International Finance Corporation, the private sector arm of the World Bank Group, yesterday signed a memorandum of understanding with the Ministry of Finance to provide assistance in implementing public-private partnership projects in priority sectors, including water, transportation health and schools.
IFC’s technical assistance facility, PEP-MENA, will support the Egyptian government in identifying and implementing at least five pilot transactions in priority sectors. The project aims to increase the capacity of the public-private partnership unit within the Ministry of Finance, hence facilitating overall coordination and consistency. IFC will also provide technical assistance to help develop a national cross-sectoral legal and regulatory framework.
Michael Essex, IFC’s director for the Middle East and North Africa, noted, “IFC has global experience and expertise in providing transaction advisory services and investments in sustainable public-private partnership projects. We look forward to cooperate with the Egyptian government, as IFC is well positioned to help implement pioneering transactions in key infrastructure sectors.
Minster of Finance Youssef Boutros Ghali commented, “We are really enthusiastic to launch these pilot projects through public private partnership; they are timely and very important for the development of the country’s infrastructure sector as they will enable us to create a model that can be used for future transactions.
PEP-MENA is IFC’s technical assistance facility that supports private sector development in the Middle East and North Africa. PEP-MENA focuses on improving the business enabling and regulatory environment; strengthening the financial sector; promoting the growth of small and medium enterprises and their support services, such as business organizations and consulting firms; helping restructure and privatize state-owned enterprises; and developing viable private sector and public-private partnership projects, especially in infrastructure.
