IFC

IFC Makes First Islamic Finance Investment in Sub-Saharan Africa

IFC has announced the investment of $5 million equity in Gulf African Bank, one of Kenya’s two Islamic Banks. The bank will use IFC’s financing to increase finance for retail and corporate customers, develop programs for women entrepreneurs and extend more services to small and medium businesses. Jamal Al Hazeem, Chairman of Gulf African Bank, welcomed IFC’s decision to take up a 15% shareholding stake in Gulf African Bank. In addition to the equity investment, a further $3 million trade line will be made available to Gulf African Bank under IFC’s Global Trade Finance Program.

Investment of $100 million for MENA region

The IFC and the Islamic Development Bank (IDB) will support the construction of major infrastructure projects across the Middle East and North Africa through an investment of up to $100 million.
The investment is an attempt to stimulate economic growth in the MENA region.
According to the IFC, countries in the Middle East and North Africa must invest aproximatly $70 billion annually in infrastructure to keep up their growth rates.

IFC lists USD 100 mn Sukuk in Dubai and Bahrain

The International Finance Corporation (IFC), the multilateral development bank, will list a USD 100 mn 5-year Sukuk in Dubai and Bahrain. The IFC plans to return to the market with new issuances every 12 months to 18 months.

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