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IFC provides first loan to support Egypt’s construction industry

The International Finance Corporation (IFC), a member of the World Bank Group, is providing a $15m loan mainly in Egyptian pounds to Vinavil Egypt for Chemicals, a leading manufacturer of construction-related materials, to help the company boost production and create jobs, according to a press statement on Wednesday. The statement said that the IFC’s financing …

Shaimaa Al-Aees

IFC does not yet wish to sell its stake in AlexBank

International Finance Corporation (IFC), the World Bank Group’s investment arm, has shown no interest in selling its 9.25% stake in the Bank of Alexandria (AlexBank), a member of the Intesa Sanpaolo Group, up until now. Walid Labadi, IFC country manager for Egypt, Libya, and Yemen, said that the IFC will announce its intention to sell …

El Husseiny Hassan

IFC to support DBACD in effort to grow microfinance in Egypt

The International Finance Corporation (IFC) will support the Dakahlya Businessmen Association for Community Development (DBACD) as it scales up its lending operations and caters to borrowers who seek larger loans, according to a press statement issued on Sunday. The IFC, a member of the World Bank Group, said it will provide advisory services to a …

Daily News Egypt

IFC loans CIB $100m

The International Finance Corporation (IFC) signed an agreement on Tuesday with the Commercial International Bank (CIB) to fund it with $100m. This funding is considered the first supporting loan provided by the IFC to a local bank. This came after the recent regulations approved by the Central Bank of Egypt (CBE) allowing international finance institutions …

Mohamed Farag

IFC, MIIC sign letter of intent to develop Egypt’s National Investment Attraction strategy

International Finance Corporation (IFC) Regional Director Mouayed Makhlouf and Minister of Investment and International Cooperation (MIIC) Sahar Nasr signed on Monday a letter of intent to develop Egypt’s National Investment Attraction and Retention strategy during a signing ceremony. IFC intends to provide the necessary analysis on Foreign Direct Investment (FDI), institutional framework, and investment incentives, …

Shaimaa Al-Aees

IFC invests $26.2m in funding startups across region

The International Finance Corporation (IFC), which recently took part in the $2.5m fund that was raised by Palestine’s Ibtikar, is heavily investing in a number of startups across the MENA region. Part of the World Bank Group, IFC has reached a total sum of $26.2bn of investments in Arab-based startups. In addition to its investment …

Daily News Egypt

IFC invests $26.2bn in funding startups across MENA region

The International Finance Corporation (IFC), which recently took part in the $2.5m fund that was raised by Palestine’s Ibtikar, is heavily investing in a number of startups across the MENA region. Part of the World Bank Group, IFC has reached a total sum of $26.2bn in investments in Arab-based startups. In addition to its investment …

Daily News Egypt

AXA signs shareholder agreement with IFC 

Al-Borsa sat down with Gilbert Chahine, CEO of AXA Egypt, to discuss the economic environment in Egypt, its recent negotiations with several partners in the regional market and its move to enter the microinsurance business in Egypt. What do you think about the economic environment in Egypt? The flotation of the Egyptian currency has been …

Daily News Egypt

IFC CEO to visit Egypt on Wednesday to discuss cooperation

Executive vice president and CEO of the International Finance Corporation (IFC) Philippe Le Houérou will visit Egypt on Wednesday and Thursday for the first time. Houérou will meet Minister of International Cooperation Sahar Nasr and other governmental officials to discuss ways to increase cooperation between Egypt and the IFC. The meeting will discuss challenges and …

Hisham Salah