Cairo, Egypt, August 17, 2015—IFC,
a member of the World Bank Group, has ramped up its investments in vital
infrastructure projects in the Middle East and North Africa over the past
year, with a focus on renewable energy to tap into new energy sources and
help mitigate climate change.
IFC committed a total of $783 million
(47 percent of which was mobilized) to infrastructure projects in fiscal
year 2015, backing private sector investments in key energy projects to
meet the region’s growing demand for power. That follows $639 million
invested in the sector in FY14, demonstrating IFC’s commitment to tackling
the region’s biggest development challenges.
“With demand for infrastructure, especially
power, rising rapidly every year in the region, these projects demonstrate
the importance of the private sector in increasing capacity and boosting
renewable energy generation,” said Wiebke Schloemer, IFC’s Regional Industry
Head of Infrastructure in Europe, the Middle East and North Africa. “The
region is blessed with an abundance of natural resources so the opportunities
in this sector are immense.”
Over the last year, IFC closed an innovative
$208 million debt package to fund the construction of seven solar photovoltaic
plants in Jordan – the largest-ever private sector-led solar project in
the MENA region, and winner of Infrastructure Journal’s prestigious Middle
East Renewable Dear of the year award.
In Pakistan, where crippling power shortages
have hindered economic development and growth, IFC invested $125 million
in China Three Gorges South Asia, to support a series of hydro, solar and
wind projects that could provide electricity for up to 11 million people
and boost generation capacity by up to 15 percent.
To cut the Pakistan’s reliance on costly
imported liquid fuels, IFC also invested $50 million and mobilized a further
$154.5 million for the Gulpur Hydro project, a new hydropower plant in
Pakistan, and invested $7.5 million in equity alongside a $20 million loan
to Engro Elengy Terminal for Pakistan’s first LNG import facility.
In addition, IFC invested in three wind
farms in Pakistan’s Sindh province to further boost renewable energy regeneration.
These include a $15 million investment by IFC and additional $36 million
from other investors in Gul Ahmed Wind Power to help the company build
and operate a new 50-megawatt wind farm; $30 million in Tenaga Generasi
Limited to develop a 49.5-megawatt wind farm; and a $25 million debt and
equity investment to help the Metro Power Company develop a 50-megawatt
wind farm in the province.
IFC also invested $25 million in pioneering
power company Alcazar Energy to help develop a series of renewable energy
projects in the Middle East, Turkey, and Africa, with a focus on solar
and wind power plants.
IFC will be continuing its work in FY16
to help the private sector tackle the region’s most pressing challenges
in order to boost growth and shared prosperity, and reduce extreme poverty.
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