Sana’a, February 25, 2008—
IFC, a member of the World Bank Group, signed a memorandum of understanding with the Republic of Yemen’s Ministry of Planning and International Cooperation to provide advice and help implement public-private partnership projects in priority sectors, including power and transport. This initiative supports the government’s ambitious program to improve infrastructure and build a legal, regulatory, and economic environment that fosters sustainable private sector participation in public services.
Under the program, IFC will work with the government to identify and implement model public-private partnership transactions in priority areas. IFC will also provide advisory services to help the government develop a cross-sectoral legal and regulatory framework and create a dedicated unit to coordinate the transactions.
His Excellency Abdulkarim Al-Arhabi, Deputy Prime Minister for Economical Affairs and Minister of Planning and International Cooperation, said, “The launch of the public-private partnership program is timely and very important for developing Yemen’s infrastructure. The program will enable us to create a model that will be replicated in future transactions.”
Michael Essex, IFC Director for the Middle East and North Africa, said, “Yemen’s commitment to establishing a public-private partnership program is an important step toward improving the country’s infrastructure. IFC has global experience and expertise in providing advisory services in sustainable public-private partnership projects, and we are pleased to help the government implement and pioneer such transactions.”
The projects will be supported by IFC Advisory Services in the Middle East and North Africa – PEP-MENA, which helps develop viable public-private partnerships in infrastructure, improve the business enabling and regulatory environments, strengthen the financial sector, and promote growth of small and medium enterprises.
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit
www.ifc.org
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