Egypt’s Minister of Planning and Economic Development, Ahmed Rostom, met with World Bank officials and international partners to finalize the launch of the Infrastructure Financing Guarantee Facility (IFGF). The initiative aims to attract private sector investment and implement structural economic reforms.
Project Development
The Ministry of Planning is collaborating with the World Bank to establish the IFGF, which is designed to provide long-term financing solutions in local currency. Rostom stated the mechanism will reduce investment risks and decrease pressure on the state budget. The project aligns with Egypt Vision 2030, targeting sectors such as renewable energy, water desalination, and transportation.
Operational Planning
During the meeting, the World Bank presented the current implementation status and a timeline for commencing operations. Representatives from institutions including the African Development Bank, European Investment Bank, and the Asian Infrastructure Investment Bank expressed interest in supporting the facility. The World Bank committed to providing technical and advisory support to help attract private sector companies.
Current Status
The ministry is coordinating with national authorities to activate the mechanism. The facility serves as a model for innovative financing to bolster economic growth and employment.