Dubai: The International Finance Corporation (IFC), a member of the World Bank Group, focused on the private sector in emerging markets committed investments worth $1.7 billion (Dh6.24 billion) in the Middle East and North Africa (MENA) in the fiscal year ended June 30, 2017. In the 2016 fiscal year, the IFC committed $1.3 billion in the Mena region, including $331 million in mobilisation. IFC’s focus was on creating new markets, supporting power and renewable energy projects, and fostering entrepreneurs, including those who run high-potential technology start-ups. “Mena is a region full of potential,” said Mouayed Makhlouf, IFC director for the Middle East and North Africa. In fiscal 2017, the global development institution delivered a record $19.3 billion in long-term financing for developing countries.

Source: The North Africa Journal September 12, 2017 15:19 UTC