World Bank’s IFC to grow Mena investments in 2019 - The National

World Bank’s IFC to grow Mena investments in 2019 - The National:

International Finance Corporation (IFC), the World Bank’s private sector arm, aims to invest more than $2 billion in the Middle East and North Africa (Mena) region in the 2019 fiscal year, as it seeks to grow the private sector and expand regional economies. “

We do need the private sector to play a bigger role in Mena economies, so we’re looking for ways to leverage our resources to create new markets and sustainable jobs in the countries in which we operate,” said Sergio Pimenta, IFC’s vice president for the Middle East and Africa, in an interview with The National in Dubai.

IFC, a development finance institution, supports emerging economies through loans and other financing, such as by taking stakes in high-growth companies. In 2014, for example, it made a $100 million equity investment in Saudi Arabia-based utility developer Acwa Power.