WB’s IFC to invest USD1b in MENA

17 Jan 2012

(MENAFN) International Finance’s Corp (IFC) regional director in the Middle East and North Africa (MENA) region, Mouayed Makhlouf, said that by the end of June, the World Bank’s unit would invest nearly USD1 billion in the region, reported Arab News.

Makhlouf added that the facility would invest the amount in several sectors, including infrastructure, education, financial services and trade, in countries such as Egypt, Iraq, Jordan and Libya.

He also said that since July 2011, the IFC had invested USD2.2 billion in the MENA region, including a USD50 million equity investment in Orascom Construction Industries and consented to lend USD200 million to its subsidiary, Egyptian Fertilizer Company.

The director said that in order to help enhance access to high-quality generic medicines in the MENA region, in December, IFC agreed to invest USD110 million in Jordan-based Hikma Pharmaceuticals.

It is worth noting that IFC, which Capitalization Fund supports emerging market banks, invests in developing the private sector in emerging economies.

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