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IFC invests $2.9 billion in Mena

IFC, a member of the World Bank Group, has marked the end of its 2012 fiscal year which saw the organisation play a leading role in addressing the challenges facing the Middle East and North Africa.

Our investment and advisory teams worked hand-in-hand to boost investor confidence, support smaller businesses, and promote women entrepreneurship, among a host of other important initiatives. Despite political uncertainty in many countries, our investments reached a record $2.9 billion during the last year, including $754 million in mobilisation. We launched 25 advisory projects with a total value of $20.2 million.

“The public sector can no longer be the main provider of jobs in the region it is therefore critical that private-sector-led growth is promoted,” said Mouayed Makhlouf, IFC director for the Middle East and North Africa “With some help, private enterprises have the potential to drive economic growth, making life better for the people of the region.”

To help boost investor confidence, IFC made several high impact and confidence boosting major investments across the region. These included a financing package of over $450 million for Egypt’s Orascom Construction, $137 million in debt financing for Jordan’s Hikma pharmaceuticals, and a $50 million loan to Lafarge to help the firm expand its operations in Iraq, among others.

Meanwhile, our work with BLC Bank Lebanon is helping expand access to finance for women entrepreneurs. We helped a business association in Alexandria, Egypt develop an index to assess the country’s business environment, added Makhlouf.

business@khaleejtimes.com