Files: International Financial Institutions

30 Sep 2018

Egypt was hit with the biggest fine in its history when the ICSID ruled on September 3, 2018 that Egypt was liable for compensation of $2 billion to Union Fenosa, as damages for the 2014 government’s failure to provide gas to the company during the energy crisis in Egypt.

20 Apr 2018

The IFC has been operating in Egypt since 1995 and has worked with dozens of different companies across different sectors, mainly through lending or holding equity in the investee company, as well as by providing technical support. We have found through our research that the IFC invests in operations that are deeply involved with some of the most secretive offshore jurisdictions in the world, where information about the real owners of these companies is in many cases obscured.

14 Feb 2018

Under the terms of the IMF program and the first review report issued by IMF experts in September 2017, the Egyptian government was obligated to carry out 17 measures to address economic problems in the period from April to December 2017.

31 Oct 2017

This is the first report on the implementation of the economic adjustment program, agreed upon by the Egyptian government and the International Monetary Fund as a condition for Egypt’s receipt of $12-billion loan under the Extended Fund Facility, to be disbursed in six tranches. Egypt will receive each tranche of the loan after a team of IMF experts confirm that the Egyptian government has complied with the terms of the agreement within the specified timetable.