IFC, IDB to invest $100 mln in MENA infrastructure

17 April 2012

Reuters - 17 April 2012

DUBAI, April 17 (Reuters) - The International Finance Corp (IFC), a member of the World Bank Group, and Islamic Development Bank (IDB) jointly plan to invest up to $100 million on major infrastructure projects across the Middle East and North Africa, IFC said on Monday.

Both the institutions are pooling in $50 million each to the Arab Infrastructure Investment Vehicle, which is part of the Arab Financing Facility for Infrastructure (AFFI), a joint initiative of the World Bank, the Islamic Development Bank and IFC.

The AFFI provides financing and technical assistance to cross-border infrastructure projects and encourages governments and the private sector to work together on such projects.

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