IFC committed USD 1.7 bn in funding to MENA private-sector projects in FY2016-17
IFC committed USD 1.7 bn in funding to MENA private-sector projects in FY2016-17: The World Bank Group’s International Finance Corporation (IFC) announced yesterday (pdf) that it committed USD 1.7 bn to private-sector projects in the MENA region in the fiscal year ended on 30 June. The amount — which exceeds the previous year’s USD 1.3 bn by 30% — included an USD 11 mn contribution to Egyptian startup accelerators Flat6Labs and Algebra Ventures. “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,” the statement reads. Those funding priorities remain unchanged for 2017-18, it added. Are you crafting an investment pitch? Make sure to hit on IFC MENA Director Mouayed Makhlouf’s priorities, which include addressing “power shortages, youth unemployment, and restricted access to finance, [which] continue to hold back economic growth.” The IFC recently pledged USD 100 mn to oil and gas projects in Egypt.