IFC invests $279 million in the Middle East for FY 2003
The International Finance Corporation, the private sector lending arm of the World Bank Group committed financing for 17 projects amounting to $279 million in the Middle East and North Africa this past fiscal year, stated a press release.
Investments in the region ranged from trade finance facilities to a wide range of manufacturers. IFC established a new facility to assist small and medium enterprises in North Africa.
IFC tripled its operating income and posted strong gains on key development indicators this past fiscal year. Operating income for FY 2003 grew to $528 million, more than triple the figure for FY 2002 and one of the Corporation's highest on record, while the its committed portfolio grew by 11.5 percent to $16.8 billion. — (menareport.com)
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