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Cairo, Egypt, March 14, 2013—
Jin-Yong Cai, IFC Chief Executive Officer and Executive Vice President, said that Egypt has long-term economic potential and the key to unlocking that is supporting the country’s private sector.
Cai made the comments during his first official visit to Egypt since taking over as head of IFC, a member of the World Bank Group, last summer. During the trip, he met with representatives of the government, including Prime Minister Hisham Qandil, and members of the businesses community. Cai discussed ways to boost investor confidence, support small businesses, and spur the development of infrastructure projects.
“It is no secret that many countries in the region, like Egypt, have struggled during the last two years,” he said. “One of the keys to restoring the region’s economic luster is supporting the private sector, which has the potential to drive growth and create the jobs people here so desperately need.”
The visit is part of IFC’s efforts to support Egypt during its transition. Over the past two years, IFC has committed $723 million to 11 projects, including mobilization of $191 million. It has also been providing advisory services to strengthen business regulations, increase access to finance, support the development of smaller enterprises, and assist in the creation of public-private partnerships in infrastructure.
About IFC
IFC, a member of the World Bank Group is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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