Daily News Egypt

IFC plans $1 bln MENA investments by end-June: regional exec - Daily News Egypt

Advertising Area



Advertising Area




IFC plans $1 bln MENA investments by end-June: regional exec

DUBAI: International Finance Corp. , a unit of the World Bank, plans to invest close to $1 billion by the end of June in countries including Egypt, Iraq, Jordan and Libya, its regional director said on Sunday. "We’ve invested so far more than a billion dollar since July 2011 and plan to invest another billion," …


DUBAI: International Finance Corp. , a unit of the World Bank, plans to invest close to $1 billion by the end of June in countries including Egypt, Iraq, Jordan and Libya, its regional director said on Sunday.

"We’ve invested so far more than a billion dollar since July 2011 and plan to invest another billion," Mouayed Makhlouf, regional director for IFC in the Middle East and North Africa, said on the sidelines of a conference in Dubai.

"We’re definitely starting to look at Libya, mainly financing trade," Makhlouf added.

IFC, which invests in developing the private sector in emerging economies, is looking at sectors such as infrastructure, education, financial services and trade, he added.

IFC had invested $2.2 billion in the MENA region since January last year, Makhlouf said, becoming an important conduit of capital for companies impacted by unrest in the Arab world last year.

It made a $50 million equity investment in Orascom Construction Industries and agreed to lend $200 million to its subsidiary, Egyptian Fertilizer Company in July.

IFC also agreed in December 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 Capitalization Fund, which supports emerging market banks, IFC signed a $170 million subordinated loan agreement with Oman’s Bank Muscat last month.

 

 

Advertising Area

Advertising Area



https://www.dailynewsegypt.com/2012/01/15/ifc-plans-1-bln-mena-investments-by-end-june-regional-exec/
Breaking News

No current breaking news

Daily News Egypt Android App Available for free download on Google play
View
Daily News Egypt Ios App Available for free download on APP Store
View