The International Finance Corporation (IFC), a member of the World Bank Group, stepped up its investments in the Middle East and North Africa, committing a record $2bn to support the region’s private sector, boost innovation, drive economic growth, and create jobs.
A Wednesday press statement of the IFC said that it provided over $1bn in financing for its own account and mobilised another $1bn from other investors in the region in fiscal year (FY) 2017/18, which ended 30 June.
The IFC’s support enabled businesses in the region to provide more than 119,000 jobs, distribute power to about 500,000 people, and deliver health care to more than 2.9 million people, noted the statement.
“Our commitments in FY 2018 set a new record for IFC in the region,” said Mouayed Makhlouf, IFC regional director for the Middle East and North Africa, adding, “with the help of our colleagues from the World Bank and other development finance institutions, we’re continuing to push the boundaries of development finance, offering new solutions and crowding in private investors for key projects that can help MENA countries grow and create jobs and prosperity.”
Moreover, Ministry of Investment and International cooperation said on Wednesday that minister Sahar Nasr will sign an agreement with IFC Regional Director for the Middle East and North Africa Mouayed Makhlouf, on Thursday morning without revealing additional details.