Annual Report 2011 - Middle East and North Africa
Despite unprecedented political and social change in the Middle East and North Africa over the past year, IFC continued to fulfill its mandate with investments of about $1.6 billion in 51 projects across 14 countries. We also mobilized nearly $800 million from other investors.
IFC responded to the region’s specific needs with projects designed to restore investor confidence and stimulate foreign and cross-border investment, spur job creation, support micro, small, and medium enterprises, and improve infrastructure.
We launched landmark initiatives such as Education for Employment which will encourage the private sector to create employment-based education programs to enhance the professional skills of young people and women. Another major project will raise up to $1 billion to develop infrastructure in the region where shortages of power, clean water, and good roads hinder economic and social development.
IFC provided Advisory Services to governments, banks, and businesses in 11 countries in MENA. In Iraq, we laid the groundwork for a project to support small businesses and launched a program in Lebanon to encourage environmentally friendly construction.