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International Finance Corporation (IFC) and the Export and Import Bank of Korea have signed a new memorandum of understanding (MOU) which will expand their collaboration in developing countries. The focus areas include initiating projects to expand private sector-led solutions in emerging markets and enhancing knowledge and information sharing.

  • The agreement will focus on creating new jobs, promoting smart cities, boosting health care, and other areas that are key to ensuring a sustainable and resilient recovery from COVID-19.
  • As part of this MOU, the two signatories will jointly identify and finance projects in developing countries— including those in Southeast and Central Asia—in line with Korea’s New Southern Policy and New Northern Policy.

    The recent funding agreements to support agricultural and other sectors by IFC are mention below:

    Sep 2020: Compass Group and World Bank Group member the International Finance Corporation (IFC), have announced an alliance to invest approximately $21 million for Peruvian companies, primarily micro and small enterprises (SMEs), which have been severely impacted by the COVID – 19 pandemic.

    July 2020: Amid COVID -19 pandemic the global financial agency International Finance Corporation (IFC) launched a $4-billion Global Health Platform to address the severe shortage of medical supplies in developing countries.

    July 2020: International Finance Corporation (IFC) announces a $100 million loan to a leading agribusiness company Adecoagro to support the dairy sector in Argentina. IFC’s fund will support Adeco Agropecuaria, Pilaga and L3N, three Argentine subsidiaries of Adecoagro.

    July 2020: International Finance Corporation (IFC) committed $5.6 billion to private sector development in the Middle East and sub-Saharan Africa region in fiscal year 2020.

    June 2020: IFC is making an investment of approximately $175 million in John Keells Holding (JKH) to expand its supermarket chain in Sri Lanka and help fund expansion or refurbishment of hotel properties in Sri Lanka and the Maldives.

    June 2020: International Finance Corporation (IFC), announced an investment of $10 million in a local Egyptian company to help it expand installation of digital prepaid and smart electricity meters in Egyptian homes.

    June 2020: IFC with partners has signed a $89 million financing package for Afghanistan’s first long-term public-private partnership: the Mazar-e-Sharif gas-to-power plant in northern Afghanistan.

    May 2020: IFC, announced a financial package of up to $30 million for the completion and expansion of Abdali Hospital in Jordan. Abdali is a 200-bed modern multi-specialty hospital, helping improve the quality and availability of health care for people in Jordan and patients from conflict-affected parts of the region.

    May 2020: IFC, announced a $50 million loan to Garanti BBVA to help Turkish micro, small, and medium enterprises (MSMEs) weather the effects of the COVID-19 pandemic, which has devastated businesses around the world.

    May 2020: International Finance Corporation (IFC) has approved a $100 million loan to Banco Davivienda. The fund will boost the bank’s ability to increase its lending for low-income housing, women-owned small and medium enterprises, and sustainable agribusiness projects in Colombia.

    April 2020: International Finance Corporation (IFC) had announced a memorandum of understanding with Agriculture Ministry’s Plant Protection Department of Vietnam to expand global export markets for agricultural produce. IFC also helps to improve the quality of Vietnamese agricultural products to increase high value markets and income for farmers.

    February 2020: International Finance Corporation (IFC) had announced an investment of $54 million in Habesha Breweries S.C. to help the company expand operations in Ethiopia and increase local barley sourcing from smallholder farmers.

    January 2020: IFC, announced a finance agreements with Morocco’s leading fruit producers Zalar Agri, to provide $24 million to boost fruit production and create jobs to spur export-led economic growth in rural Morocco.

About International Finance Corporation (IFC)
International Finance Corporation (IFC), a member of the World Bank Group, and the largest global development institution focused on the private sector in emerging markets. IFC works with around 2,000 businesses globally. IFC uses its capital, technical expertise, global experience, and influence to create markets and opportunities in remote areas. With the help of long-term financing for developing countries, it leverages power to the private sector to end extreme poverty and boost shared prosperity in the region. IFC is a leading mobilizer of third-party resources for projects in a developing country.

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