IFC highlights MENA investments
BUSINESS| July 24, 2012, 8:17 a.m.
IFC, a member of the World Bank Group, has marked the end of its 2012 fiscal year with a report highlighting the role it has played in addressing the challenges facing the Middle East and North Africa.
IFC says its investment and advisory teams worked hand-in-hand to boost investor confidence, support smaller businesses, and promote women entrepreneurship, among a host of other important initiatives.
“Despite the recent events in many countries, our investments reached a record USD2.9 billion during the last year, including USD754 million in mobilization. We launched 27 advisory projects with a total value of USD20.2 million,” says the report.
“The public sector can no longer be the main provider of jobs in the region it is therefore critical that private-sector-led growth is promoted.,” said Mouayed Makhlouf, IFC Director for the Middle East and North Africa “With some help, private enterprises have the potential to drive economic growth, making life better for the people of the region.”
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