Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

IFC invests in infrastructure and essential services across the Middle East  Join our daily free Newsletter

MENAFN - Arab News - 02/09/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) IFC a member of the World Bank Group has ramped up its investments in vital infrastructure throughout the Middle East and North Africa over the past 12 months focusing on the energy sector.

During fiscal year 2014 which ended on June 30 IFC committed 639 million to infrastructure projects that enhanced access to power affordable transport and essential water provision. That follows the 647 million invested in the previous year and continues IFC's strategy of tackling development challenges with innovative infrastructure solutions.

'In the Middle East and North Africa power is a priority because electricity shortages are common and power demands are increasing' Mouayed Makhlouf IFC director for the Middle East and North Africa said in a press release received here.

'Our investments have targeted the massive potential of renewable energy in the region while making sure that communities get the most from existing resources.'

Over the past year IFC arranged a 221 million debt package to help the Jordan Wind Project Company develop the country's first privately owned wind farm with a capacity of 117 MW.

In Pakistan IFC invested a total of 48 million to help Metro Power Company build a 50 MW wind farm north east of Karachi.

IFC will also invest up to 100 million in Saudi-based firm ACWA Power which will help the company significantly increase the amount of power it generates from renewable sources.

This year also saw the opening of Uch-II a new low-cost gas-fired power plant in Pakistan as a direct result of IFC contributing the largest foreign investment to the Pakistan power sector in the past 15 years.

The plant will produce electricity well below the average cost providing annual savings of around 300 million and generating enough electricity to supply six million people.

To provide clean drinking water and improve wastewater treatment infrastructure IFC arranged a 25.5 million loan to Metito a leading Dubai-based water and wastewater treatment company that will help develop water treatment projects across the MENA region and parts of Asia.

In the West Bank IFC finalized a deal that will see a private consortium operate a modern landfill the first public-private partnership of its kind in the West Bank and Gaza.

The facility is expected to dramatically improve waste management in the southern West Bank where illegal dumping has become a health threat and environmental hazard.

A further investment of 20 million in Pakistan will help Daewoo Pakistan Express Bus Service expand access to safe and affordable transportation throughout the country creating jobs and aiding local economies. While in Iraq a total investment of 10.5 million in Nafith International will go toward the construction of new truck yards and ease freight traffic crucial for cross border trade.

IFC will continue to help the private sector tackle serious development challenges in MENA because it is uniquely placed to provide essential services to large numbers of people efficiently affordably and profitably.

 


Arab News




  MENA News Headlines
 May 22 2015 - Arab info. ministers agree to promote culture of toleranceKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Arab information ministers' council concluded its 46th session on Thursday with a final statement stressing the important role of mass media in promoting the ...

 May 22 2015 - Kuwait, Peru eye closer diplomatic ties, cooperationKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Head of the Kuwait's fourth parliamentary friendship committee MP Yousef Al-Zalzalah met with President of the Congress of the Republic of Peru Ana Maria ...

 May 22 2015 - Kuwaiti-Moroccan ties based on shared values - OfficialKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Advisor to Kuwait's Amiri Diwan Mohammad Difullah Sharrar said his country and the Kingdom of Morocco share identical cultural and historical values that formed a ...

 May 22 2015 - Kuwaiti play wins gold at Free Theater FestivalKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Kuwaiti play 'Hawel Marrah Okhra' (Try Again) won the golden award of the 10th Free Theater Festival on Thursday evening.The silver and bronze medals went to ...

 May 22 2015 - Kuwaitis proud of nat'l pavilion at Expo Milan 2015Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The spouse of Kuwait's General Consul in Milan and North Italy, Abdul-Nasser Bou-khaddour, praised here role of the Kuwaiti pavilion organizers in Expo Milan ...

 May 22 2015 - Kuwaiti Jiu Jitsu team participates in West Asia tournamentKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Kuwait's Brazilian Jiu Jitsu team will head to Beirut, Lebanon on Thursday to take part in the three-day West Asia tournament.The Kuwaiti team includes seven ...

 May 22 2015 - Kuwait ranks 4th at Fazza wheelchair basketball tourneyKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Kuwait's national team lost their last game to Morocco's 44-71 at the the Seventh Fazza International Wheelchair Basketball Tournament, Dubai 2015, Wednesday ...

 May 22 2015 - OCA cancels Sri Lanka's hosting of Asian Youth Games 2017Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) President of the Olympic Council of Asia (OCA) Sheikh Ahmad Al-Fahad Al-Sabah announced Thursday that the Council has withdrawn the 3rd Asian Youth Games in 2017 ...

 May 22 2015 - Chinese peacekeeping troops head for LebanonKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) A new batch of Chinese peacekeeping troops and a 30-member medical team left China for Lebanon Tuesday for peacekeeping mission, state-run China Central ...

 May 22 2015 - Seven airstrikes in Syria, 14 in Iraq target ISIL - coalitionKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Coalition military forces continued to attack ISIL, conducting seven airstrikes in Syria and 14 in Iraq, the Combined Joint Task Force announced on Tuesday."In ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help