IFC explores energy, infrastructure projects in Egyp

The International Finance Corporation (IFC), a member of the World Bank Group, is exploring alternative energy and infrastructure projects in Egypt.

According to IFC's regional vice president, the company is keen on having a partnership with the Egyptian government and the private sector for establishing projects in the country in coming months.

These projects are in the fields of alternative energy in the industrial sector and logistics service development, said Dimitris Tsitsiragos, vice president of IFC for Europe, Central Asia, Middle East, and North Africa.

He made the announcement during a meeting with Egyptian Minister for Industry Mounir Fakhry Abdel Nour, as they discussed opportunities to increase bilateral cooperation. They also discussed methods to improve energy efficiency in Egypt, dailynewsegypt.com reported.

Minister Abdel Nour also said the government is "considering supporting projects that aim at providing energy for industrial projects".

IFC, which is targeting funding projects in the infrastructure sector, provided $276 million in 2013 to fund five initiatives in Egypt. It is backing 14 projects across the country in manufacturing, construction, and the energy sector.

Since 2011, the corporation has invested almost $1billion in Egypt and mobilised $303 million from other investors to support development in the private sector.

The World Bank Group offers loans, advice, and an array of customised resources to over 100 developing countries and the nations in transition.