In the fiscal year 2023, the International Finance Corporation (IFC) made significant investments and undertook transformative initiatives in the Middle East. These efforts advanced climate finance, created jobs, promoted inclusion, diversified economies, and improved access to essential services for millions in the region and beyond.
IFC committed and mobilized approximately $1 billion in the Middle East from July 1, 2022, to June 30, 2023, with its direct investments totaling $613 million. A significant portion of these funds, around $710 million, was channelled into critical sectors such as infrastructure, manufacturing, agribusiness, and services. This financing supported the development of new solar parks and wind farms and bolstered food security in the midst of a challenging global economic environment.
Notably, IFC’s investments in climate-related projects surged, reaching nearly $185 million. One highlight was IFC’s participation in Jordan’s inaugural green bond, issued by Jordan Kuwait Bank. The proceeds from this bond will fund green initiatives and assets.
IFC also facilitated cross-border investments in climate finance. For instance, the organization partnered with the United Arab Emirates Masdar to construct Uzbekistan’s first wind farm, a project expected to mitigate the release of over 1 million tons of carbon dioxide annually.
Moreover, IFC and Masdar signed a cooperation framework to establish a green hydrogen platform for emerging markets and explore collaborative opportunities in African renewable energy ventures.
IFC’s $1.1 billion investment in AMEA Power will provide clean energy access to one million Egyptians. This investment supports the construction of Egypt’s largest solar and wind farms and fosters job creation across emerging markets through the United Arab Emirates’ second Alcazar Energy fund.
IFC, a member of the World Bank Group, continues its unwavering commitment to driving sustainable economic growth and improving lives in the Middle East and beyond.