Cairo, Egypt, September 27, 2016—IFC,
a member of the World Bank Group, with help from its development partners,
has provided advisory services to businesses across the Middle East and
North Africa to help them grow, create jobs and boost economic development
in the region.
IFC Development partners, including
the governments of Canada, Switzerland, Hungary Italy, Korea and Japan,
and the MENA Transition Fund, contributed over $20 million to IFC’s advisory
program in fiscal year 2016. The program provides comprehensive solutions
to business in developing countries to address development challenges,
ranging from improving access to finance for smaller businesses to boosting
green growth and youth skills development.
“Our long-term development partners
have helped us push forward our advisory program in MENA, enabling us to
positively impact businesses and spur economic development,” said Mouayed
Makhlouf, IFC Regional Director for the Middle East and North Africa. “IFC’s
advisory work helps create a business-friendly environment for the private
sector, unlocking its potential and enabling it to play its natural role
in driving economic growth in the region."
Switzerland’s State Secretariat for
Economic Affairs, SECO, replenished with $3 million its contribution to
IFC’s MENA MSME Technical Assistance Facility to help improve financing
for micro, small and medium enterprises in Morocco, Tunisia, Egypt, Jordan,
Lebanon, and the West Bank and Gaza.
The Italian Ministry of Environment,
Land and Sea provided $7 million to support the MENA Inclusive Green Growth
program, which aims to accelerate market change by addressing the barriers
to the adoption and scale-up of technologies and practices that support
Japan provided over $4.5 million to
boost access to finance, enhance trade and competitiveness, and promote
hydro sector development in North Africa and the Levant region, as well
as in Pakistan.
Canada provided $1.6 million to support
green growth and youth skills development across North Africa and the Levant,
in addition to Afghanistan and Pakistan, while Hungary, through its Exim
Bank, provided $500,000 to promote sustainable energy financing in North
Africa and Levant countries.
Under the Green Growth Trust Fund established
with IFC, Korea provided more than $700,000 to support green growth in
the MENA region with a specific focus on Egypt.
The MENA Transition Fund’s $2.4 million
contribution, meanwhile, will support the enhancement of trade and competitiveness
and access to finance in Tunisia, Egypt, Jordan and Yemen.
Since 2008, UKaid supported IFC advisory
program in MENA to strengthen the region’s private sector and help unlock
its potential. The long-term support from UKaid included supporting IFC’s
MENA MSME Technical Assistance Facility in 2012, and IFC’s private sector
development program in Pakistan in 2014.
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