International Finance Corp Monday said it plans to invest nearly $1 billion by the end of June in countries like Egypt, Iraq, Jordan and Libya, the news reports said.
Mouayed Makhlouf, Regional Director for IFC in Middle East and North Africa said, “We’ve invested so far more than a billion dollar since July 2011 and plan to invest another billion.”
He also added, “We’re definitely starting to look at Libya, mainly financing trade.”
The unit of the World Bank which invests in developing the private sector in the emerging economies is also looking at sectors like education, financial services and trade, the reports said. Since January last year, IFC had invested $2.2 billion in the MENA region, Mouayed Makhlouf, regional director for IFC said.
International Finance Corp has also invested $50 million in Orascom Construction Industries and has also agreed to lend $200 million to its subsidiary Egyptian Fertilizer Company in July.
In December, IFC has also agreed to invest up to $110 million in Jordan-based Hikma Pharmaceuticals to help improve access to high-quality generic medicines in the MENA region.
Through its IFC Capitalisation, IFC has also signed a $170 million subordinated loan agreement with Oman’s Bank Muscat last month.
The International Finance Corporation is a member of the World Bank Group and is also based in Washington D.C. in United States. The company is the largest multilateral source of loan and equity financing for private sector projects in the developing world.