Cairo, Egypt, September 16, 2014
—IFC, a member of the World Bank Group, has stepped up its work encouraging cross border investments between emerging economies in the Middle East and North Africa and other developing regions over the past twelve months.
During the 2014 financial year, which ended on June 30, IFC committed around $640 million to projects that help MENA investors expand into neighboring countries and other parts of the developing world. That is an increase on the $500 million invested in the previous year, and demonstrates IFC’s support for industry leaders keen to share their knowledge and skills in new markets, create jobs, and boost growth.
“MENA still lags behind the rest of the world when it comes to economic integration,” said Mouayed Makhlouf, IFC Director for the Middle East and North Africa. “One of our priorities is to support regional champions as they expand within the region and beyond, supporting them as they become global leaders.”
Major successes this year include an investment of $100 million in ACWA Power, which will help the company significantly increase the amount of power it generates from renewable sources and meet the growing energy demand throughout MENA.
IFC and the IFC Capitalization Fund, managed by the IFC Asset Management Company, agreed to provide subordinated loans of $150 million to Bank Audi, the largest bank in Lebanon. The loans will expand Bank Audi’s capital base and support its regional growth plans, strengthening economic integration between developing economies and creating jobs.
Investments such as these increase foreign direct investments within the region, at a time when such flows are crucial to spur economic growth in less developed countries.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit
www.ifc.org
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