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IFC Clients Boost Power Delivery in MENA in 2014


In Cairo:
Riham Mustafa
Phone: +20 2 2461-4230
E-mail: rmustafa@ifc.org


Cairo, Egypt, November 25, 2015—Energy and infrastructure projects financed by IFC, a member of the World Bank Group, helped increase regional power generation capacity by more than10,000 gigawatts and deliver power to nearly 11 million people in 2014.

IFC’s clients delivered power to 10.7 million customers in the Middle East and North Africa in 2014, compared to 1.3 million in 2013. The sevenfold increase follows IFC investments in Pakistani companies Engro Energy, Laraib Energy and Zorlu Pakistan; Acwa Power Jordan; and Dubai-based Sakr Energy Solution FZCO.

In line with its commitment to mitigate the effects of climate change, IFC has committed $454 million in the renewable energy sector in MENA since 2009. Projects include a 117 megawatt wind farm in Tafila, Jordan, the first wind farm run by a private company in the country, a series of renewable plants in Pakistan that is expected to provide power to 11 million people, and a 510 megawatt solar plant in Morocco, one of the world’s largest such facilities.

IFC also finalized an innovative $207.5 million debt package to fund the construction of seven solar photovoltaic plants in Jordan that will boost the country’s use of renewables and help transform its energy sector. The project is the largest private sector-led solar initiative in the Middle East and North Africa.

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org

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