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IFC and Egypt: Historic $100 Million Financing Agreement Fostering Women’s Entrepreneurship
During the recent “IFC Day in Egypt,” a remarkable agreement was announced, showcasing joint commitment to economic development and women’s empowerment in the country. Through this agreement, the International Finance Corporation (IFC) and Egypt have pledged substantial financing of $100 million, with a particular focus on women-led businesses.
The signing ceremony, presided over by Rania Al-Mashat, Egyptian Minister of International Cooperation, was the highlight of the day, attended by high-level government officials, business leaders, and representatives from the private sector. This event underscored the strategic importance of bolstering the private sector to drive Egypt’s sustainable economic growth.
The financing agreement between the IFC and the Bank of Cairo represents a significant commitment to small, medium, and micro-enterprises in the country, with a special allocation of $50 million earmarked for women-owned enterprises. This ambitious initiative aims to create an enabling environment for female entrepreneurs, thereby strengthening Egypt’s economic and social fabric.
Concurrently, a consultancy agreement was ratified with the General Authority for Comprehensive Health Insurance, demonstrating ongoing commitment to improving healthcare services in the country. This measure is part of a broader strategy to ensure universal coverage and quality healthcare for all Egyptians.
The announcement of this agreement comes eight months after a previous partnership between the IFC and the Bank of Cairo, aimed at enhancing the latter’s climate financing strategy. This new agreement underscores the shared commitment to promoting inclusive and sustainable economic development, aligned with national and international sustainable development goals.
Since its inception in Egypt, the IFC has played a crucial role in supporting the private sector, with approximately $9 billion in financing and investments. In addition to financing, the IFC has also provided consultancy services worth around $34 million, highlighting its long-term commitment to the country’s economic and social development.
In conclusion, this historic agreement between the IFC and Egypt represents a major step forward in promoting women’s entrepreneurship and inclusive economic development. By investing in women-led enterprises and strengthening healthcare services, this agreement will contribute to creating a more promising and equitable future for all Egyptians.
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