After 24-year-old Hana’a Mehyar Awad graduated from Palestine Ahliya University College’s corporate governance program, an IFC initiative to promote corporate governance in the Middle East and North Africa, she landed a job at the Palestine Investment Bank. Now, the Hebron native hopes to help drive economic growth in her hometown — the largest Palestinian city in the West Bank, which generates one-third of the area’s GDP.
Training future leaders like Awad — and more than 1,100 other graduates of the corporate governance program — is the goal of this decade-long project between IFC and the Palestine Capital Market Authority (PCMA). It’s part of IFC’s support for the Middle East and North Africa’s private sector, a potential source of jobs and innovation. Economic growth rates in the region have halved since the 2011 Arab Spring, unemployment is high, and conflict has displaced vast numbers of people. To strengthen the region, in FY19, we invested $891 million, including $370 million mobilized from other investors.
To help expand access to electricity — a major hurdle to regional growth — IFC assembled a $71 million financing package that included funds raised through the Managed Co-Lending Portfolio Program (MCPP) to support the construction of Jordan’s Daehan Wind Power Plant. This was IFC’s second major investment in the country’s wind sector in FY19. The 51-megawatt plant will supply clean energy to homes and businesses across the country. Since 2011, IFC has invested close to $300 million in 13 renewable projects in Jordan, enabling about $1 billion in private sector investments in the nation’s power sector.
Alongside syndications partners, IFC provided up to $100 million in debt financing to the Middle East Glass Manufacturing Company (MEG), Egypt’s leading maker of glass containers. This will help MEG ramp up production to supply a variety of clients, from beverage makers to pharmaceutical firms. IFC is also providing advice to help MEG reduce energy consumption and cut greenhouse-gas emissions as part of our effort to bolster resource efficiency and reduce costs in the manufacturing sector and to help companies compete internationally.
In Lebanon, IFC is the anchor investor in Fransabank SAL’s green bonds program. Our $75 million investment will help Fransabank provide financing to eco-friendly projects in commercial energy efficiency, renewable energy, and green buildings. We also provided $100 million in debt financing to Société Générale de Banque au Liban to boost access to finance for small and medium enterprises (SMEs) and to help develop climate finance. IFC’s advisory team will work with the bank to help enhance its capacity to finance climate-smart projects and to help mitigate climate change. The loan includes funding from several MCPP participants alongside IFC’s own funding.