FINANCIAL NEWS

WB’s IFC to invest USD500m in MENA

12 Jun 2012

(MENAFN) International Finance Corp’s (IFC) Middle East and North Africa’s regional director, Mouayed Makhlouf, stated that the World Bank (WB) unit plans to establish a USD500 million fund to boost investments in the region, reported Arabian Business.

Makhlouf added that during 2013, the fund forecasts to spend between USD2.2 billion to USD2.4 billion in the MENA region, as investments opportunities are expanding since the start of the Arab Spring.

He said that since the beginning of the Arab Spring, the IFC has spent USD3 billion in investments in the region, moreover, the corporation will provide USD100 million of seed investment for the new fund, which is forecasted to have a first closing within the coming 3 months.

It is worth noting that the IFC invests in developing the private sector in emerging countries, through providing loans, equity investments and advisory services to firms, mainly small to medium-sized enterprises (SMEs).

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