PARIS — The World Bank's financial arm International Finance Corp (IFC) plans to increase its investments in Yemen, Iraq and North Africa next year to help support development and job creation, a senior IFC executive said. “MENA needs to create 50-70 million jobs in the next decade. Recent events in the MENA region have created the urgency to address the fundamental conditions required to revive growth and support human development," Dimitris Tsitsiragos, the IFC's vice president for Europe, Middle East and North Africa, said in an interview Monday. The IFC, which invests in developing the private sector in emerging economies with a special focus on small to medium-sized enterprises (SMEs), sees opportunities in infrastructure, energy, education and healthcare in the Middle East and North Africa (MENA). “MENA is a strategic priority for the IFC. Obviously a lot depends on market conditions but our objective is to keep our program at the same level and hopefully grow it, Tsitsiragos said. “We are prepared to take the risk and support projects in Yemen." The poorest Arab country, Yemen was driven to the brink of bankruptcy by a year-long uprising. “It's a small country but deals have a bigger impact. If we succeed, our deals will boost investment sentiment and provide comfort for investors," Tsitsiragos said. The IFC would be interested in Yemen's energy sector, SMEs, microfinance and the financial sector. It has invested $2.2 billion in the Middle East and North Africa so far this year, Tsitsiragos said, as economies in the region try to recover from the impact of the Arab Spring uprisings. It hopes to top that amount next year. It plans to invest close to $100 million next year in OPEC member Iraq, which sits on the world's fourth-largest oil reserves. “We have so far done a total $400 million in Iraq and plan to do more next year," Tsitsiragos said. “We like infrastructure, manufacturing and the financial sector." Last year the IFC provided a $400 million, seven-year debt facility for Zain-Iraq, a mobile phone company and subsidiary of Kuwait's Zain Group. It also invested in Ahli United Bank, Iraq's largest lender by market value, and has put close to $75 million into the United Arab Emirates' Gulftainer Co to help it develop ports and logistics activities in Iraq. — Reuters
