The International Finance Corporation (IFC) and the World Bank Group reaffirmed their commitment to turning Egypt’s economic reforms into sustained outcomes during an event at the Giza Pyramids marking 50 years of operations in the country.
Speaking at the gathering, IFC Vice President for Africa Ethiopis Tafara stated that the institution’s initial investment in Egypt was a $5m allocation to a ceramics factory outside Cairo a half-century ago. Tafara noted that this initial investment at a time when the country was opening its economy represented confidence in Egyptian entrepreneurs and has since compounded over time through reform, renewal, and persistence.
Addressing the country’s next phase of economic development, Tafara identified export competitiveness, climate-smart investments, and regional integration as key opportunities. He emphasised that current policy choices regarding the investment climate, trade, and financial development are expanding opportunity and strengthening predictability. Progress, he added, is emerging through collaboration between public leadership, private innovation, and the IFC’s full toolkit, aiming to generate jobs, resilience, and shared prosperity for future generations.
The anniversary event also served as a retirement farewell for Cheikh Oumar Sylla, the IFC division director who has operated in Egypt for the past four years. Tafara credited Sylla with deepening dialogue with governments and bridging the gap between reform ambition and real investment outcomes across his tenure.
Sylla, who joined the IFC in 2017 and previously worked in fragile states, highlighted his role in leading the asset monetisation programme in Egypt, which he termed one of the most important mandates in the corporation’s history. He attributed the programme’s scale to the institution’s willingness to put its full weight behind the country’s hard decisions.
“Egypt had the vision. IFC has the tools. And together, we built something that will outlast both of us,” Sylla said.
Acknowledging the efforts of government counterparts who kept faith through difficult situations, risk-taking private sector partners, and IFC teams globally, Sylla expressed conviction in the continent’s broader economic potential. He noted that Africa’s youth population and entrepreneurs are the real drivers of the future, adding that the necessary conditions must be prepared for them.
The event, described by Tafara as a handoff to the leaders shaping Egypt’s next chapter, was attended by public leaders, private sector representatives, and multilateral development agencies. Deputy Minister of International Cooperation Dr. Samar El-Ahdal was introduced to speak on behalf of Dr. Badr Abdelatty, Minister of Foreign Affairs and World Bank Group Governor.
Tafara concluded the proceedings by urging stakeholders to keep building with a long-term view, investing with imagination, and partnering with conviction for the next 50 years of development.
