Dubai, March 25, 2007—Lars Thunell,
head of IFC, the private sector arm of the World Bank Group, today completed
a visit to the United Arab Emirates, during which he emphasized private
sector development as the most important engine of growth and job creation.
The one-day visit highlighted IFC’s continuing commitment to its well-established
partnership with UAE. Thunell was accompanied by Michael Essex, IFC Director
for the Middle East and North Africa. “IFC’s main focus in the UAE is
development and promotion of investment and trade between emerging markets,”
said Thunell. “We see untapped opportunities, and we are committed to
helping the country’s private sector expand across the region. We also
believe that improving corporate governance and promoting entrepreneurship
are key to growth for the UAE's smaller businesses,” added Thunell, IFC
Executive Vice President.
IFC Advisory Services in the Middle East and North Africa—PEP-MENA —has
been very active in promoting responsible practices in corporate governance.
Partnering with the Dubai International Finance Corporation, IFC
PEP-MENA recently supported the launch of Hawkamah, Dubai’s Institute
for Corporate Governance. IFC and Hawkamah will improve corporate governance
reforms and assist countries across the region in developing policies based
on international best practices.
IFC PEP-MENA is also concentrating on the next generation of business people
in the UAE. The country’s overall population is expected to reach
5 million by 2010, half of them under the age of 20. To sustain the
level of opportunities for young Emiratis, IFC PEP-MENA has partnered with
the Mohammed Bin Rashid Establishment for Young Business Leaders to promote
entrepreneurship. Programs aimed at the young entrepreneurs are based on
IFC’s Business Edge, the brand name for the Corporation’s international
range of management training products.
About IFC
IFC, the private sector arm of the World Bank Group, promotes open and
competitive markets in developing countries. IFC supports sustainable
private sector companies and other partners in generating productive jobs
and delivering basic services, so that people have opportunities to escape
poverty and improve their lives. Through FY06, IFC Financial Products has
committed more than $56 billion in funding for private sector investments
and mobilized an additional $25 billion in syndications for 3,531 companies
in 140 developing countries. IFC Advisory Services and donor partners have
provided more than $1 billion in program support to build small enterprises,
to accelerate private participation in infrastructure, to improve the business
enabling environment, to increase access to finance, and to strengthen
environmental and social sustainability. For more information, please visit
www.ifc.org.
About IFC PEP MENA
IFC Advisory Services in the Middle East and North Africa—PEP-MENA—is
a multidonor facility for technical assistance that supports private sector
development across the Middle East and North Africa. It focuses on improving
the business enabling environment, strengthening financial markets, supporting
SME development, and promoting privatization and public-private partnerships.
From its inception through FY06, IFC PEP-MENA has committed more than $20
million in advisory services projects. Its activities are funded jointly
by IFC and the following donors: Canada, France, the Islamic Development
Bank, Japan, Kuwait, the Netherlands, the United Kingdom, and the United
States.
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