The International Finance Corporation (IFC), a member of the World Bank Group, succeeded in providing power to 10.7 million customers in the MENA region in 2014, a statement by IFC read.
The figure compares to the year 2013 where 10.3 million people had access to power through IFC’s investments in the energy sector.
With IFC’s contribution to the energy sector, the corporation aided in raising the region’s capacity with an excess of 10,000 GW.
Since the year 2009, the IFC has contributed an amount of $454m in the renewable energy sector in MENA.
In September of this year, Nada Shousha, IFC’s Egypt Director, told Daily News Egypt that the IFC committed a total of $783m (47% of which was mobilised) to infrastructure projects in MENA, backing private sector investments in key energy projects to meet the region’s growing demand for power.
“We plan to support Egypt in meeting its energy sector needs during the next fiscal year,” she said.
With regards to IFC’s nature of operations in Egypt, the corporation works mainly with the private sector to provide financing and advisory services to companies with the ability to create jobs, boost access to finance for small and medium-sized enterprises (SMEs), and demonstrate Egypt’s long-term potential to investors, Shousha previously told Daily News Egypt.