VOL. XLII

No 40

4-October-1999

GENERAL

Half Of IFCs MENA Projects In FY99 In Financial Sector

According to its 1999 annual report, 50% of the projectsapproved in the MENA region by the International Finance Corporation (IFC) inFY99 worth over $2.2bn (see table below) were in the financial sector,including mobilizing foreign capital and supporting existing financialinstitutions. The IFC points out that despite the fact that foreign directinvestments in MENA nearly doubled (to $5.9bn) in 1998, "a...