Cairo, Egypt, July 8, 2015—IFC,
a member of the World Bank Group, the Arab Fund for Economic and Social
Development, The Arab Investment Company and the Arab Petroleum Investment
Corporation have invested $125 million in the IFC Middle East and North
Africa (MENA) Fund. At a critical time for the economies of the region,
this new fund will provide equity financing to private companies to help
spur growth and development.
The Fund’s primary investment focus will be on growth opportunities in
infrastructure, manufacturing and financial sectors, investing alongside
IFC. Through its investments in the financial and real sectors, it is expected
that the fund will help increase employment opportunities in the region
especially for the young. The IFC MENA Fund will also help add value to
its portfolio companies, particularly in areas such as corporate governance,
risk management processes, and environmental and social standards.
“The Middle East and North Africa region is crucial to global prosperity
and economic stability – the need for investment there has never been
greater,” said Jin-Yong Cai, IFC Executive Vice President and CEO. “The
investments in the IFC Middle East and North Africa Fund demonstrate improving
investor confidence as well as greater investment opportunity. IFC is committed
to investing in companies that grow and innovate, and the Fund will promote
economic development while aiming to achieve strong returns for its investors.”
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 www.ifc.org