IFC commits $5.6bn to private sector development

The International Finance Corporation committed $5.6 billion to private sector development in the Middle East and sub-Saharan Africa in fiscal year 2020.

The IFC also committed nearly $2 billion in short-term trade financing to support small and medium-sized enterprises.

In sub-Saharan Africa, between 1 July, 2019 and 30 June, 2020, IFC committed $4.6 billion in investments to private firms across the region - exceeding its 2019 commitment of $4.1 billion.

Investments focused on sectors including healthcare, agribusiness, solar energy, housing finance, infrastructure, and financing for SMEs, including in fragile and conflict-affected situations where IFC committed more than $1.2 billion in investments.

In the Middle East and North Africa, where the COVID-19 pandemic has led to declines in oil production, tourism revenues, and remittances, IFC invested more than $1 billion, including to support the construction of hospitals and clinics in Iraq, Jordan, Egypt, and Morocco.