IFC investing in MENA power and water
World Bank unit continues huge spending with renewables to the fore
International Finance Corp (IFC) continues to invest heavily in the power and water sector across the Middle East and North Africa.
The private sector arm of the World Bank committed $639mn over the year to 30 June in infrastructure projects that enhanced access to power, affordable transport, and essential water provision.
That follows the $647mn invested in the previous 12-month period, and continues a strategy of tackling development challenges with innovative infrastructure solutions, IFC said in a statement.
Investments in renewables continues to rise with $133mn committed to three projects in the year ended 30 June 2014 including the Tafila wind project in Jordan.
“In the Middle East and North Africa power is a priority, because electricity shortages are common and power demands are increasing,” said Mouayed Makhlouf, IFC Director for the Middle East and North Africa.
“Our investments have targeted the massive potential of renewable energy in the region, while making sure that communities get the most from existing resources.”
Power and water projects include a $221mn debt package to help the Jordan Wind Project Company develop the country’s first privately owned wind farm, with a capacity of 117 megawatts.
IFC will also invest up to $100mn in Saudi-based firm ACWA Power, which will help the company significantly increase the amount of power it generates from renewable sources.
To provide clean drinking water and improve wastewater treatment infrastructure, IFC arranged a $25.5 million loan to Metito, a Dubai-based water and wastewater treatment company, that will help develop water treatment projects across the MENA region and parts of Asia.
“IFC will continue to help the private sector tackle serious development challenges in MENA, because it is uniquely placed to provide essential services to large numbers of people, efficiently, affordably, and profitably,” the statement said.