IFC provided record financing in fiscal year 2021 in the Middle East and Africa to help thousands of small businesses access finance, connect people and businesses to reliable digital infrastructure, trade and services, and help to meet critical health needs amid the COVID-19 pandemic. The financing reached $10.4 billion.
IFC’s financing included short-term finance ($2.9 billion) and mobilization ($4.2 billion), with 70 percent of IFC’s own account financing going to low-income and fragile and conflict affected states. Under the Global Trade Finance Program (GTFP), IFC committed $2.7 billion aimed at supporting trade flows between countries and helping to connect small and medium-sized enterprises (SME) to value chains in the Middle East and Africa.
IFC responded quickly to the regions’ health needs providing $1.6 billion in the Middle East and Africa, including $732 million to partners in sub-Saharan Africa from its Global Health Facility. The health response is supporting the expansion of diagnostic and laboratory testing, increased access to critical medical equipment, and partnerships to support leading vaccine manufacturers on the continent.
