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Egypt : 2013 : EGYPT received $1 billion IFC fund

August 18, 2014

In 2013, the Middle East and North Africa region received funding to the tune of $2.5 billion from the International Finance Corporation (IFC), a World Bank affiliate, said IFC General Manager Mouayed Makhlouf.

Finance from the IFC was for private sector projects covering various fields like infrastructure, energy, and small and medium enterprises. In the region, Egypt received the largest proportion of funding, amounting to around $1 billion.

Makhlouf said, a loan worth $65m was provided to one real estate investment company in order to construct a mall in 6th of October City. At present, the IFC is planning to offer funding for two projects.

On Sunday, the Information Technology Industry Development Agency (ITIDA) signed a cooperation protocol with the IFC to strengthen the competitiveness of workers in the sector. The IFC will be offering nearly 65% of the funding towards this project, and the balance 35% would be funded by the ministry.

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Source: TendersInfo (India)

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