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The World Bank Group member 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.

  • The fund will helps businesses across the two regions to launch, grow, provide jobs and fight the impacts of the global COVID-19 pandemic.
  • In addition, IFC committed nearly $2 billion in short-term trade financing to support small and medium-sized enterprises (SMEs).
  • Investments focused on sectors including healthcare, agribusiness, solar energy, housing finance, infrastructure, and financing for small and medium-sized enterprises (SMEs).

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

July 2020: The European Bank for Reconstruction and Development (EBRD), IFC, and the European Union (EU) have signed on to support the development of the first solar power plant in Armenia. The Caucasus plant is developed by Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy, a global leader in utility-scale renewable energy projects.

June 2020 : The global development institution IFC, announced a $12.5 million long-term loan to JSC Indorama Kokand Fertilizers and Chemicals for the modernization of its fertilizer plant in Uzbekistan. The financial support will create jobs and benefit the country’s agriculture sector.

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: 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.

December 2019: IFC, had signed an agreement with the Sustainable and Renewable Energy Development Authority (SREDA) of Bangladesh. As per the agreement, IFC will support a solar power plant of 35-50 megawatt capacity in the Kushtia district. The pilot project will be developed under a public-private partnership model.

December 2019: IFC announced a financing agreement with The Government of the Solomon Islands for the Tina River Hydropower Project. IFC will provide $200 million for the 15-megawatt Hydropower Project. The new project will pave the way for the country to reduce its greenhouse gas emissions by two and half times its 2025 target.

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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