Cairo, Egypt, July 31, 2013 —IFC,
a member of the World Bank Group, committed $3 billion during the last
year to support economic development in the Middle East and North Africa
IFC combined those investments with
a broad range of advisory services to support the region's private sector
at a time when many countries are struggling with unemployment and slow
economic growth. IFC's work helped boost investor confidence, support smaller
businesses, and combat climate change, among a host of other important
initiatives. The $3 billion committed during the 2013 fiscal year, which
ended June 30, includes $914 million mobilized from other investors.
"Governments across the region are facing fiscal constraints and they
can no longer carry the burden of economic growth alone," said Mouayed
Makhlouf, IFC Director for the Middle East and North Africa. "IFC
has been working hard to unlock the power of the private sector, which
has the potential to create jobs, spur development, and provide the economic
opportunities people are clamoring for."
As part of those efforts, IFC invested $647 million to support infrastructure
projects across the region, half of which was mobilization. Investments
included $65 million in financing to help expand cell phone and internet
services in Afghanistan, and a $70 million investment in Iraq's crucial
cement industry. IFC also provided a $500 million debt facility for natural
gas producer Petroceltic, which will help the company expand operations
in Egypt and Algeria.
IFC is spearheading efforts to support small and medium enterprises (SMEs).
The organization invested $150 million in the MENA SME Facility to boost
lending to smaller businesses and lined up $230 million in funding from
other donors and international finance institutions.
During the last fiscal year, IFC has ramped up its efforts to combat climate
change. The organization signed an agreement with Masdar, a United Arab
Emirates-based company, to provide funding for clean energy projects. In
Pakistan, IFC is advising one of the country's leading utility companies
on the construction of a pioneering biogas plant that will turn animal
waste into energy.
The biogas project was part of IFC's advisory services program, which works
with companies to promote good corporate governance, helps governments
streamline business regulations, and provides training to small-scale entrepreneurs,
among other things. During the last year, IFC launched 34 of these advisory
projects worth a total of $37 million.
In Tunisia, Egypt, Jordan and Morocco, IFC rolled out the E4E Initiative
for Arab Youth, a program designed to help equip youth with the skills
and education in demand among employers.
IFC, a member of the World Bank Group
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, mobilizing capital in international financial
markets, and providing advisory services to businesses and governments.
In FY12, our investments reached an all-time high of more than $20 billion,
leveraging the power of the private sector to create jobs, spark innovation,
and tackle the world’s most pressing development challenges. For more
information, visit www.ifc.org.