IFC joins a strategic partnership of the European Investment Bank, the European Commission and the World Bank on Southern Mediterranean countries
IFC, International Finance Corporation, a member of the World Bank Group, recently joined a partnership comprising the European Investment Bank, the European Commission and the World Bank, to help create a favourable private sector environment in the Middle East and North Africa. The four multilateral institutions have agreed to share knowledge and training opportunities in innovation and new technologies, as well as urban development to promote private sector development.
This initiative aligns with the strategy of the Facility for Euro-Mediterranean Investment and Partnership (FEMIP), EIB’s instrument dedicated to the Euro-Mediterranean area, to stimulate the private sector in the Mediterranean partner countries. Between 2002 and 2006 the facility provided a total of EUR 6 billion with an increased share in favour of the private sector. FEMIP aims to devote 50% of its annual lending to the private sector, while public projects, mainly transport and energy infrastructure, should contribute to improving the investment climate.
IFC fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing capital in the international financial markets, and providing advisory services to businesses and governments. IFC’s vision is that poor people have the opportunity to escape poverty and improve their lives. In 2006, IFC committed USD 8.3 billion, including loan participations, to 284 investments in 66 developing countries.