Minister of International Cooperation Sahar Nasr signed an agreement worth $10m with the executive vice president of the International Finance Corporation (IFC) Philippe Le Houérou and business partner at Algebra Ventures Khaled Ismail on Wednesday. The agreement aims to provide financing for emerging companies in the information technology sector.
Nasr said that the agreement is part of the IFC’s—member of the World Bank Group—support to the private sector, which is estimated at $2.8bn since the start of its cooperation with Egypt in 1979 until now. The support provided from 2011 until 2016 is estimated at EGP 1.5bn. Nasr noted that Egypt and the IFC are currently cooperating in several sectors that are considered a priority for Egypt’s people and the economy, including infrastructure and renewable energy projects.
Nasr explained that the IFC is committed to supporting the Egyptian private sector with nearly $2bn from 2015 until 2019. This comes as part of Egypt’s $8bn portfolio at the bank, and will also contribute to financing small businesses.
The minister expects the IFC to pump $10m into Algebra Ventures, as part of the institution’s efforts to support the private sector and entrepreneurship, as well as encourage innovation and provide jobs in Egypt.
She explained that this financing will support 25 promising companies in the sector of information technology in several fields, such as electronic trade, financial, and internet services.