The International Finance Corporation (IFC), a World Bank member, announced that it had provided a record $10.4 billion in financing to countries in the Middle East and Africa (MEA) in 2021.
The finances would help small businesses access finance, connect people and businesses to reliable digital infrastructure, trade and services, and to meet critical health needs amid the COVID-19 pandemic as well.
The financing included short-term finance worth $2.9 billion and mobilisation with total of $4.2 billion, with 70 percent of IFC’s own account financing directed to low-income and fragile and conflict affected states, according to the IFC.
IFC added that it committed $2.7 billion, Under the Global Trade Finance Program (GTFP), with an aim to support trade flows between countries and help to connect small and medium-sized enterprises (SMEs) to value chains in MEA.
“IFC responded quickly to the regions’ health needs providing $1.6 billion in the MEA, including $732 million to partners in sub-Saharan Africa from its Global Health Facility. The health response is supporting the expansion of diagnostic and laboratory testing, increased access to critical medical equipment, and partnerships to support leading vaccine manufacturers on the continent. Among the key initiatives, in April, IFC announced the Africa Medical Equipment Facility, a partnership that so far includes Philips, Co-operative Bank of Kenya, GE Healthcare and NSIA to strengthen medical equipment financing across Africa”, IFC elaborated.
In Africa, IFC invested $26 million to support financial technology development, and supported projects aimed at increasing climate finance.
