The meeting discussed enhancing cooperation with the IFC to support the country’s private sector, especially in the industrial sector.
Cairo- Oct 1, 2018 Minister of Trade and Industry Amr Nassar held a meeting with a delegation from the International Finance Corporation (IFC)- a member of the World Bank Group- led by Walid Labadi, country manager for Egypt, Libya and Yemen.
The two sides discussed enhancing cooperation between the ministry and the IFC, through a variety of development programs aiming to support the private sector, especially in the field of industry.
One of the issues explored at the meeting was upgrading power engines used in manufacturing to save at least 10% of the electricity consumed by the sector.
“Developing the national industry and enhancing the competitiveness of the Egyptian product are on top of the government agenda at the present time,” Nassar said.
The IFC, Labadi noted, has invested close to $1.2 billion to support the country’s private sector in the 2017/18 fiscal year; the corporation's portfolio for Egypt being estimated at $1.5 billion per year.