The International Finance Corporation (IFC), a prominent member of the World Bank Group, has obtained the approval of the Egyptian Cabinet on Thursday to proceed with the issuance of a pound-denominated bond on the international market.
The introduction of a pound-denominated international bond aligns with IFC’s strategic objectives to enhance its investment portfolio within Egypt and foster increased diversity in funding channels for the country’s private sector.
IFC’s engagement in Egypt has yielded substantial impact since its inception. With a track record spanning investment projects totaling over $7 billion, the organization has made significant contributions to the nation’s economic landscape. Furthermore, IFC has orchestrated an advisory portfolio of approximately $34 million, concentrating on pivotal sectors including but not limited to access to finance, fintech, climate finance, manufacturing, infrastructure, renewable energy, healthcare, and gender-focused initiatives.
The pound-denominated bond issuance is poised to fortify IFC’s commitment to the private sector by providing a fresh avenue for resource allocation. By accessing the international market, IFC aims to amplify its contribution to Egypt’s economic development while fortifying the resilience of the private sector through diversified funding sources.
The successful implementation of this strategic move is expected to yield multifaceted benefits, including enhanced investment potential, amplified financing prospects, and an increased capacity to drive transformative projects that bolster economic growth and sustainability in Egypt.
