Egypt’s President Abdel Fattah El Sisi issued a decree on Monday that approves a decision to increase the capital of the International Finance Corporation (IFC), the private sector arm of the World Bank Group, presidential spokesman Ehab Badawi said.
He added that the government decided to increase its share in the organization’s capital in order to preserve its voting power due to the IFC’s role in encouraging the private sector in Egypt, attracting foreign investments and raising economic development rates.
The IFC is a global investor and adviser committed to promoting projects in its developing member countries that are economically beneficial, financially and commercially sound, and environmentally and socially sustainable. IFC finances private sector investments, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses in the developing world.