The International Finance Corporation, a member of the World Bank Group, it provided more than $ 1.3 billion in the Middle East and North Africa during the last financial year, capitalising the private sector strength in job creation and improving infrastructure and stimulate economic growth in the countries of the region, from Morocco to Afghanistan.
Foundation explained that it worked during the fiscal year ending in June 2016 to address the impediments to the major development in the region through a combination of investment and advisory projects, the enterprise has committed to providing $ 1.3 billion in the region, of which $ 331 million was raised from other investors, as the Foundation launched 20 new projects to provide advisory services for both governments and private sector companies on issues ranging from regulatory reform, leading to corporate governance, then the end of the settlement of commercial disputes.
He said the Regional Director of IFC in the Middle East and North Africa, a supporter Makhlouf: “It was a challenging year for many countries in the region on the political and economic levels, but the Middle East has huge potential in the long term, we can by making use of force creative private sector can help in providing jobs and supporting infrastructure and achieve sustainable growth in the region.“
It focused IFC during the last fiscal year to support women and promote gender equality, and support for countries affected by conflicts and improve infrastructure, with a particular focus on providing the required energy supply and combat climate change and promote access for small and medium-sized companies to finance.
Among the most prominent IFC’s investments managed for a group of loans worth $ 375 million to finance the Mass Global Energy Company in Sulaimaniya, which will help in providing electricity to three million people in the Kurdistan region of Iraq, as the IFC provided $ 74 million in the form of loans to the company Fotowatio Renewable Ventures in Jordan, in order to build a solar power plant north of Amman production capacity of 50 MW.
The Foundation has worked to improve the access of small and medium-sized enterprises and micro-finance, as these companies are the main catalyst for economic development in the region, the Foundation has provided a loan of $ 100 million in the Arab African International Bank in Egypt, and the $ 75 million National Bank of Kuwait – Egypt, to strengthen lending to small and medium companies, and the Foundation has invested $ 10 million in the Afghanistan international Bank, which has increased the scope for borrowers of small and medium-sized companies to finance, also provided a loan to the Lebanese group of loans to small micro, what helped provide funding for small-scale entrepreneurs, especially women in rural areas of the country.
IFC plans to in the next fiscal year to maintain its strategic focus on the areas with the most pressing development needs such as energy, including renewable energy projects, and to promote access to finance and develop the skills of Arab youth.
