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FINANCIAL NEWS
WB’s IFC to increase investments in MENA to USD6b
11 Oct 2011
(MENAFN) World Bank’s International Finance Corporation’s (IFC) chief executive and executive vice president, Lars Thunell, said that in order to alleviate post-revolution transitions, over the coming 3 to 4 years, the company would increase its investments in the region to USD6 billion, reported The National.
Thunell added that the amount would be mainly invested in job creation, enhancing civil infrastructure and other factors that would boost economic growth in the Middle East and North Africa (MENA) region.
He also said that in 2011, the World Bank’s private sector arm approved USD1.35 billion of investments in the region including USD600 million allocated to Tunisia and Egypt, moreover, around USD6.2 million were allocated for technical support in advisory projects.
It is worth noting that the IFC along with the Arab Monetary Fund (IMF) signed an agreement to help increase access to fund small businesses in MENA, a step which would create job opportunities to the region’s 10.3 percent unemployment rate.
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