Qatar has become the 181st member country of the IFC, with Youssif Hussain Kamal, Qatar’s minister of finance having signed the articles of agreement during the World Bank Group and International Monetary Fund (IMF) annual meetings. As a member, it will provide its share capital and play a role in determining the multilateral’s policies.
“We look forward to partnering with Qatar to support private sector growth in the Middle East and North Africa and create much needed jobs. We intend to work with Qatari companies and businesses that want to expand into less developed countries within the region and further overseas,” said Lars Thunell, executive vice-president, and CEO of IFC, during the signing ceremony.
The Middle East and North Africa is of strategic importance for the IFC and one of its main objectives is to encourage capital flows from the Gulf Cooperation Council (GCC) countries to neighbouring countries.
In the fiscal year 2008, IFC’s investments in the region increased to US$1.4bn for 50 projects across 12 countries.
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