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.