US$100 million to develop MENA infrastructure
By Sarah Ann McCay23 April 2012
Infrastructure developments across the Middle East & North Africa (MENA) region are to get a much-needed cash injection following the agreement by the Islamic Development Bank (IDB) and the International Finance Corporation (IFC),a member of the World Bank Group, to invest up to US$ 100 million in the area.
IDB and IFC are each investing US$50 million in the Arab Infrastructure Investment Vehicle, which is expected to grow to about US$ 300 to US$ 500 million. It is part of the Arab Financing Facility for Infrastructure (AFFI), a joint initiative of IDB, the World Bank and IFC.
The funds will be spent on infrastructure projects such as roads, ports, rail, electricity and water treatment plants, with a focus on cross-border projects designed to boost regional connectivity.