On 28 November 2017, the Minister of Investment and International Cooperation Dr. Sahar Nasr witnessed the signing of an agreement worth USD 100 million between the International Finance Corporation (IFC) and the Commercial Investment Bank (CIB) to enhance the latter's capital base, support its growth strategy and help expand lending to customers, including local markets, which would ensure maintain current job opportunities and providing further ones in various sectors.
The Minister emphasized MIIC's keenness on supporting the private sector in Egypt in coordination with IFC.
"The existence of a strong banking sector in Egypt is the key to boosting economic growth and improving access to finance. Such investments will also help enhance lending to various sectors, including SMEs, and will support the financial sector in Egypt in general," stated IFC's Director of the Middle East and North Africa Region Mr. Mouayed Makhlouf.
It is worth noting that Egypt was among IFC's largest investment portfolios in the MENA region, given that IFC's investments reached up to USD 2.9 billion during the period from 2006 to 2017, including joint finance with other investors.