The International Finance Corporation (IFC), part of the World Bank, is set to invest up to $20m in Egyptian firm Hassan Allam Holding (HAH).

The deal is part of the World Bank Group’s strategy in Egypt to support the private sector, said a statement from the bank.

“Infrastructure is vital for Egypt’s continued growth,” said Kamal Allam, HAH’s chairman. “This partnership with IFC demonstrates the potential of private sector groups, like ours, to deliver important large-scale infrastructure projects. It also helps our transformation from a family business into a corporate institutional structure by adopting benchmark corporate governance standards to support future plans and ambitions.”

Earlier this month the bank’s CEO Philippe Le Houérou completed a two day visit to Cairo to discuss further cooperation with Egypt.

Egypt’s Minister of International Cooperation and governor to the World Bank said “Egypt hopes to boost the volume of cooperation with the IFC for upcoming water treatment, small and medium-sized, as well as private sector projects.”

The bank currently has a $2bn portfolio with the North African country.