More than three years after the Arab Spring, many countries in the Middle East and North Africa continue to grapple with political uncertainty, which has led to slow growth, unemployment, and a host of other economic challenges.
IFC is striving to address these fiscal issues by supporting the region's private sector, helping to create jobs and drive sustainable growth. Since January 2011, IFC has a committed a total of $5.9 billion in the region.
We work in countries from Morocco to Afghanistan to boost investor confidence, help small business owners, develop vital infrastructure projects, upgrade farming techniques, combat climate change, improve the investment climate, and help new governments cut red tape.
IFC does this through a combination of investments and advisory services. During the 2013 fiscal year, IFC committed almost $3 billion in MENA, a figure that includes $914 million mobilized from other investors. The organization also launched 34 advisory projects worth a total of $37 million.
A key component of IFC's work is making the region more appealing to both domestic and foreign investors, since inward investment flows are vital to stoking economic development. During FY13 IFC continued to make several large confidence boosting investments in the region. IFC is also helping governments in Egypt and Tunisia streamline their business regulations, making the countries more competitive, and advising several governments on how to overhaul their bankruptcy systems.
IFC is also driving economic integration across the region, helping leading MENA companies enter new markets, which creates jobs and raises local business standards. IFC has facilitated around $5.3 billion worth of these South-South investments in the last decade. That work has helped in a range of areas, from supporting smaller business in Africa to improving water treatment in Asia.