VOL. XL

No. 13

31-March-1997

EGYPT

IFC Invests $25Mn In Egyptian Tourist Sector

The International Finance Corporation (IFC), the private-sectorfinancing arm of the World Bank, has approved $25mn in financing for the Egyptian companyOrascom Projects and Touristic Development (OPTD) for the expansion of the al-Gounatourism development near Hurghada on the Red Sea coast. According to an officialstatement, IFC's financing consists of a $20mn loan for its own account and an equityinvestment of...