The International Finance Corporation (IFC) plans to invest approximately $700 million in renewable energy projects in Egypt during the current fiscal year, according to its Regional Director, Mouayed Makhlouf, The National reports.
All together, the IFC will triple its funding for Egypt from approximately $300 million during the previous fiscal year to $1 billion this year, according to The National
The IFC plans to boost lending to the region by 20% to $2 billion, according to Makhlouf. According to Makhlouf, Egypt is the primary beneficiary of the funds due to its ambitious reform agenda.
“The very strong reforms [in Egypt] we haven’t seen in any other government in the region and we hope others follow, especially in North Africa,” Makhlouf stated.
Egypt is also slated to receive $500 million for renewable energy projects from the European Bank of Reconstruction and Development (EBRD).
In 2016, Egypt accepted a $12 billion loan agreement from the International Monetary Fund (IMF) and embarked on an ambitious economic-reform program.
The IFC is a member of the World Bank Group and seeks to promote the private sector in developing nations, according to its website.