Cairo, December 3, 2007—
IFC, a member of the World Bank Group, in collaboration with Egypt’s Ministry of Housing Utilities and Urban Development and the Ministry of Finance, have today organized a conference to promote the public-private partnership concession for the New Cairo Wastewater Treatment Plant. With an initial capacity of 250,000 cubic meters a day, the project aims to improve sanitation services and increase access to safe water in the area. It is expected to reach a final capacity of 500,000 cubic meters a day. New Cairo was developed to help ease overcrowding in Greater Cairo, and is expected to have 2 million residents by 2020.
The conference attracted over 40 international and local investors and senior representatives from the ministries and IFC.
The government has appointed IFC as the lead transaction advisor to structure and carry out the international competitive bidding for this pilot project. The private sector is expected to play a major role in financing, designing, building, and operating the plant. At the end of the contract, ownership will be returned to the government.
Public-private partnership is a high priority for the Egyptian government, which, over the next five years, plans to use this business model for projects totaling more than $4 billion. The objective is to expand private sector participation in public infrastructure in areas such as water, sanitation, transport, schools, and hospitals to improve their quality and meet the growing demand for public services.
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that poor people have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through loan participations and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit www.ifc.org.
