World Bank’s IFC to help Egypt monetize state assets

The International Finance Corporation (IFC) said on Sunday it would act as the strategic adviser for Egypt’s plans to boost the role of the private sector in the economy.

The IFC said it would advise on the government’s “asset monetization program, which will focus on harnessing private capital and know-how to manage state-owned assets.”

That will include structuring and preparing assets for sale, the IFC said in a statement.

Last year Egypt’s government announced a state ownership policy designed to identify areas of the economy in which the private sector can play a bigger role.

Egypt has been struggling to manage an acute foreign currency shortage, attract new investment and contain a rising debt burden. The state, including the military, has tightened its control of the economy in recent years despite pledges of structural reform.

“We will have a five-year partnership with the World Bank’s IFC to guarantee the governorship of the program in the long term,” Prime Minister Moustafa Madbouly said on Sunday in a televised conference with IFC Managing Director Makhtar Diop.