Cairo, Egypt, September 1, 2014—IFC,
a member of the World Bank Group, has ramped up its investments in vital
infrastructure throughout the Middle East and North Africa over the past
12 months, focusing on the energy sector.
During fiscal year 2014, which ended
on June 30, IFC committed $639 million to infrastructure projects that
enhanced access to power, affordable transport, and essential water provision.
That follows the $647 million invested in the previous year, and continues
IFC’s strategy of tackling development challenges with innovative infrastructure
“In the Middle East and North Africa
power is a priority, because electricity shortages are common and power
demands are increasing,” said Mouayed Makhlouf, IFC Director for the Middle
East and North Africa. “Our investments have targeted the massive potential
of renewable energy in the region, while making sure that communities get
the most from existing resources.”
Over the past year IFC arranged a $221
million debt package to help the Jordan Wind Project Company develop the
country’s first privately owned wind farm, with a capacity of 117 megawatts.
While in Pakistan, IFC invested a total of $48 million to help Metro
Power Company build a 50 megawatt wind farm, north east of Karachi.
IFC will also invest up to $100 million
in Saudi-based firm ACWA Power, which will help the company significantly
increase the amount of power it generates from renewable sources.
This year also saw the opening of Uch-II,
a new low-cost gas-fired power plant in Pakistan, as a direct result of
IFC contributing the largest foreign investment to the Pakistan power sector
in the past 15 years. The plant will produce electricity well below the
average cost, providing annual savings of around $300 million and generating
enough electricity to supply six million people.
To provide clean drinking water and
improve wastewater treatment infrastructure, IFC arranged a $25.5 million
loan to Metito, a leading Dubai-based water and wastewater treatment company,
that will help develop water treatment projects across the MENA region
and parts of Asia.
In the West Bank, IFC finalized a deal
that will see a private consortium operate a modern landfill— the first
public-private partnership of its kind in the West Bank and Gaza. The facility
is expected to dramatically improve waste management in the southern West
Bank, where illegal dumping has become a health threat and environmental
A further investment of $20 million
in Pakistan will help Daewoo Pakistan Express Bus Service expand access
to safe and affordable transportation throughout the country, creating
jobs and aiding local economies. While in Iraq, a total investment of $10.5
million in Nafith International will go towards the construction of new
truck yards and ease freight traffic—crucial for cross border trade.
IFC will continue to help the private
sector tackle serious development challenges in MENA, because it is uniquely
placed to provide essential services to large numbers of people, efficiently,
affordably, and profitably.
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