The Egyptian government plans to cooperate with the International Finance Corporation (IFC) to hire a global consulting firm to develop a clear strategy for investment in Egypt. The move aims to improve Egypt’s ranking in the Ease of Doing Business index and to increase investment rates by 25% to 30% in the coming years.
According to a document issued by the Information, Support, and Decision Center, the IFC will work as a government advisor on the initial public offering (IPO) program, as well as on the water desalination plants project, which is proposed by the Sovereign Fund of Egypt.
The document stated that the IFC will prepare an integrated strategy for the IPO program, which will take about four months, starting from June 2023. The strategy will include evaluating and completing previous plans, directing the sectors and methods of the offering, appointing the investment banks responsible for selling each company, following up and implementing the marketing plan for each company, and coordinating with the Proposal Follow-up Unit of the Cabinet on the progress of the program.
The document added that the IFC will also coordinate with the European Bank for Reconstruction and Development (EBRD) as a financial advisor to the Sovereign Fund of Egypt on the water desalination plants project, which consists of 21 plants.
The IFC is a member of the World Bank Group that provides financing and advisory services to private sector projects in developing countries. The IFC has been active in Egypt since 1956 and has invested over $8 billion in various sectors.