IFC invested $639 million in MENA region

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The International Finance Corporation has invested more than $ 639 million in the MENA region (North Africa and Middle East) in the first half of 2014.

IFC invested $639 million in MENA region

IFC invested $639 million in MENA region

These funds went to infrastructure projects for energy production. The development of energy production is a priority in the regions of North and Middle East Africa in the sense that the demand for electricity and drinking water are still being felt, according to Mouayed Makhlouf, Director IFC’s Mena region.

The subsidiary of the World Bank Group states, moreover, have provided funding of $ 221 million as a loan to a private operator in Jordan to develop a wind farm in the country. In Pakistan, IFC has also invested some $ 48 million for the establishment of a wind farm with a capacity of 50 megawatts. Also in the same country, it welcomed the operationalization of a major project of electric power generation from natural gas.

The project has been achieved due to financial support from IFC will help save $ 300 million and will cover the needs of more than 6 million people. The Company has also granted to the Saudi group Acwa Power $ 100 million to boost its investments in renewable energy. As a reminder, the Saudi giant had won in September 2012, the tender for the design, construction and operation of the first phase of the Ouarzazate solar complex.

Following that, the group had established its Moroccan subsidiary, Acwa Power Ouarzazate, the round also consists of the Moroccan Agency for Solar Energy (Masen) and Spanish companies Aries and TSK.

 

Mohamed Dekkak