Cairo, Egypt, September 19, 2016—IFC,
a member of the World Bank Group, committed over $1.3 billion in
the Middle East and North Africa (MENA) last fiscal year, leveraging the
power of the private sector to create jobs, improve local infrastructure,
and spur economic growth in countries from Morocco to Afghanistan.
During fiscal year 2016, which ended
in June, IFC worked on addressing the fundamental barriers to economic
development in the region through a range of investments and advisory projects.
IFC committed $1.3 billion in MENA, including $331 million mobilized from
other investors. The organization also launched 20 new projects to advise
both governments and private businesses on issues ranging from regulatory
reform, to corporate governance, to dispute resolution.
“From a political and economic standpoint,
it has been a challenging year for many countries in the region,” said
Mouayed Makhlouf, IFC Regional Director for the Middle East and North Africa.
“But MENA has tremendous long-term potential and by tapping into the creative
force of the private sector, we can help create jobs, support infrastructure,
and bring sustainable growth to the region.”
Last fiscal year, IFC's work focused
on promoting gender equality, supporting states affected by conflict, bolstering
local infrastructure, especially power supplies, combating climate change,
and expanding access to finance for smaller businesses.
Among other projects, IFC arranged a
landmark $375 million financing package for Iraqi power company Mass Global
Energy Sulimaniya, helping to increase access to energy for 3 million people
in the Kurdistan region of Iraq. IFC also provided $74 million in loans
to Jordan's Fotowatio Renewable Ventures, helping the company build a 50-megawatt
solar power plant north of Amman.
IFC worked to extend access to finance
for micro, small, and medium enterprises, the backbone of most regional
economies. The organization provided a $100 million loan to Egypt’s Arab
African International Bank and $75 million to the National Bank of Kuwait-Egypt,
helping the firms scale up their lending to small and medium enterprises
(SMEs). IFC also invested $10 million in Afghanistan International Bank,
helping it reach out to SME borrowers, and provided a loan to Lebanese
micro-lender Al Majmoua, helping it provide financing for entrepreneurs,
including women, in rural areas of the country.
In the coming fiscal year, IFC plans
to maintain its strategic focus on areas with the greatest developmental
needs, such as power (including renewable energy), access to finance, and
IFC, a member of the World Bank Group,
is the largest global development institution focused on the private sector
in emerging markets. Working with 2,000 businesses worldwide, we use our
six decades of experience to create opportunity where it’s needed most.
In FY16, our long-term investments in developing countries rose to nearly
$19 billion, leveraging our capital, expertise and influence to help the
private sector end extreme poverty and boost shared prosperity. For more
information, visit www.ifc.org