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.

Tsitsiragos made this announcement during a meeting with Egyptian Minister for Industry Mounir Fakhry Abdel Nour. The duo discussed opportunities to increase bilateral cooperation during the meeting.

They also discussed methods to improve energy efficiency in Egypt, said reports.

Abdel Nour also 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 USD in 2013 to fund five initiatives in Egypt.

It is backing 14 projects across the country in manufacturing, construction and energy sector. Since 2011, the corporation has invested almost one billion USD in Egypt and mobilised 303 USD 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.

(Agencies)

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