IFC spends $3bn on economic development in Mena region in 2013

12 August 2013

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 Iraq’s 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.

 

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