Title: Egypt Chooses International Finance Corporation as Advisor for Government IPO Program

The International Finance Corporation (IFC) indicated today, Sunday, that it will act as a strategic advisor to Egypt in its plans to enhance the role of the private sector in the economy. It stated that it will provide advice for the "government asset monetization program," which will focus on harnessing the knowledge and capital of the private sector to manage state-owned assets. The statement added, "This will include structuring the assets and preparing them for sale." For his part, Egyptian Prime Minister Mostafa Madbouly confirmed in a televised conference with IFC Managing Director Makhtar Diop that "the IFC will serve as an advisor for Egypt's ambitious program for initial public offerings." Madbouly also noted, "We will have a five-year partnership with the International Finance Corporation, a subsidiary of the World Bank, to ensure the governance of the program in the long term."