World Bank Group member invests $647m in infrastructure schemes
The International Finance Corporation (IFC), a member of the World Bank Group, invested $3bn in the Middle East and North Africa (Mena) region during the 2013 fiscal year. The economic development support includes $914m raised from other investors.
The IFC spent $647m on infrastructure projects across the region, including $65m to help expand cell phone and internet services in Afghanistan. It also made a $70m investment in Iraqs cement industry and provided a $500m debt facility for Irish natural gas producer Petroceltic, which will help the company expand operations in Egypt and Algeria.
Efforts to support small-to-medium enterprises (SMEs) included investments of $150m to boost lending to smaller businesses and lining up $230m in funding from other donors and international finance institutions.