DUBAI: International Finance Corporation (IFC) has agreed to invest $150 million (SR562.5 million) in Egypt’s agriculture sector in partnership with the country’s private sector, UAE state news agency WAM reported late Saturday.
The investment aims at developing the country’s nutrition sector, introducing the newest technologies in manufacturing, as well as providing new job opportunities for the youth, WAM said, quoting investment and international cooperation minister Sahar Nasr’s interview with Ahram Online.
IFC, a member of the World Bank Group, focuses on developing the private sector in developing countries.
The agreement comes following a meeting between Egyptian President Abdel Fattah El-Sisi and World Bank chief Jim Yong Kim in New York on Thursday on the sidelines of the UN General Assembly meetings, where the two discussed cooperation between Egypt and the bank.
World Bank currently has a commitment of $5.92 billion in Egypt, spread in 26 projects. Foreign direct investments in Egypt are up 14.5 percent to $7.9 billion for the fiscal year 2016-2017.
Similarly, a UK trade delegation representing 14 companies is now in Cairo to explore investment opportunities in Egypt’s key sectors from infrastructure, agriculture, health care to defense.
The companies, including Rolls Royce and Bombardier, were attracted by the Egyptian government’s spate of economic reforms and improve the economic climate, said Jeffrey Donaldson, the UK’s trade envoy to Egypt.
“The recent reforms that have been implemented have brought about stronger economic growth in Egypt and this has heightened the interest of British companies in doing business with Egypt,” Donaldson said.
Ratings agency Moody’s in its latest annual report has credited Egypt’s strong reform momentum, despite weak government finances, which has resulted into a pick-up in economic growth and improved investor sentiment.
World Bank arm to invest $150 million in Egypt’s agriculture sector
World Bank arm to invest $150 million in Egypt’s agriculture sector
Closing Bell: Saudi main index climbs to 10,485
RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Sunday, gaining 34.32 points, or 0.33 percent, to close at 10,484.59.
The total trading turnover of the benchmark index stood at SR2.59 billion ($690 million), with 168 listed stocks advancing and 87 declining.
The Kingdom’s parallel market Nomu also gained 100.37 points to close at 23,454.65.
The MSCI Tadawul Index advanced by 0.13 points to 1,377.44.
The best-performing stock on the main market was Nama Chemicals Co., whose share price increased by 9.98 percent to SR22.38.
The share price of Al Masar Al Shamil Education Co. rose by 9.15 percent to SR23.85.
Saudi Paper Manufacturing Co. also saw its stock price climb by 8.42 percent to SR57.95.
Conversely, the share price of Canadian Medical Center Co. dropped by 6.37 percent to SR6.03.
The stock price of Kingdom Holding Co. also declined by 3.16 percent to SR8.28.
In the parallel market, Alfakhera for Mens Tailoring Co. was the top performer, with its share price advancing by 16.40 percent to SR8.80.
On the announcements front, Theeb Rent a Car Co. said it had signed a long-term vehicle leasing services contract valued at SR110.4 million with Hungerstation Co.
Under the deal, Theeb will lease 2,000 vehicles to HungerStation for a period of four years starting from 2026, according to a Tadawul statement.
The statement added that the vehicles will be delivered in batches within the first six months from the contract start date, taking into consideration global logistical circumstances and procedures beyond the control of both the agents and the company.
The contract is expected to have a positive impact on the company’s financials from the first quarter of 2026.
The share price of Theeb Rent a Car Co. declined by 0.79 percent to SR37.80.
