Dr. Rania Al-Mashat Receives IFC Vice President for Africa on his Final Visit Upon Completion of his Tenure

"Al-Mashat": We appreciate the vital role of Mr. Sergio Pimenta over the years in increasing IFC investments in Egypt and expanding financing for the private sector.

Utilizing IFC advisory services to enhance public-private partnerships in the airport sector.

The government is working to expand private sector participation and attract foreign investment through further structural reforms.

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning and Economic Development and International Cooperation, received Mr. Sergio Pimenta, IFC Regional Vice President for Africa, at the Ministry's headquarters in the New Administrative Capital, during his final visit to Egypt as IFC Vice President. H.E. Minister Al-Mashat presented him a commemorative gift in recognition of his efforts to strengthen the long-term partnership between the Egyptian government and the IFC over the past years.

During the meeting, H.E. Dr. Rania Al-Mashat commended the efforts of Mr. Sergio Pimenta during his tenure as IFC Regional Vice President for Africa, which contributed to advancing public-private partnerships (PPPs) and increasing the volume of investments directed by the institution to the local and foreign private sector in Egypt.

The Minister of Planning and Economic Development and International Cooperation pointed to the advisory services agreement signed at the Cabinet headquarters in the New Administrative Capital, under which the IFC will provide advisory services to the government to enhance PPPs in the airport sector.

H.E. Minister Al-Mashat said: "The partnership with the IFC in offering Egyptian airports to the private sector complements the cooperation initiated in June 2023 regarding the Asset Monetization Program, to implement the International State Ownership Policy Document, and achieve private sector-led economic growth. The state prioritizes restoring the role of the local and foreign private sector in leading economic development efforts, and is therefore implementing a national structural reform program, as well as working to expand development financing mechanisms to attract foreign direct investment."

H.E. Dr. Al-Mashat highlighted the Egyptian government's efforts to enhance private sector participation, noting that the State Ownership Policy Document is a significant transformation aimed at improving the private sector's role in the economy, while rationalizing the state's role in economic activities.

It is worth noting that the IFC's current investment portfolio in Egypt, as of February 2025, is about $2.5 billion, distributed across multiple sectors such as financial markets, agribusiness and forestry, health, education, life sciences, manufacturing, tourism, retail, construction and real estate, collective investment funds, infrastructure, and oil, gas, and mining, in addition to an advisory and technical support portfolio of about $22.9 million.