Cairo – Mubasher: International Finance Corporation (IFC), a member of the World Bank Group, has invested $1.2 billion in Egypt during fiscal year 2017/2018.

These investments helped in creating job opportunities, improving infrastructure, and reinforcing economic growth in the  Arab world's most populous country, IFC said in a statement on Wednesday.

Moreover, the IFC’s country manager for Egypt, Libya, and Yemen Walid Labadi praised the revived Egyptian private sector, depicting it as the major key for creating jobs and boosting the North African nation’s economic growth.

The World Bank's private sector arm has directed its investments towards the challenges of the private sector, such as energy shortages, tiresome regulatory restricts, gender inequality, and difficulty to reach finance, Labadi added.

In FY17/18, IFC supported several pioneering projects in Egypt, including $653 million raised by the corporation for the construction of the Benban Solar Park, located near the Upper Egypt governorate of Aswan.