JORDAN – The International Finance Corporation (IFC) has designated its branch office in the capital of Jordan as a Regional Hub for the Middle East, Pakistan, and Afghanistan regions.
IFC, a member of the World Bank, has doubled its investments in the country and mobilized over US$1.6 billion in the past ten years.
In line with its global strategy for health, nutrition, and population, the World Bank Group supports countries’ efforts to achieve universal health coverage.
The World Bank Group supports countries’ efforts to achieve UHC through stronger primary health systems and provision of quality, affordable health services to everyone — regardless of their ability to pay.
As a member of the World Bank Group, IFC advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries.
With an investment portfolio worth more than US$500 million, Jordan represents IFC’s second-largest portfolio in the Middle East, Pakistan, and Afghanistan region.
Hence, IFC will further strengthen engagement and increase representation in Jordan with the new Amman Regional Hub.
This announcement was made by IFC’s Managing Director Makhtar Diop in the presence of Jordan’s Minister of Planning and International Cooperation and Governor of the World Bank, Her Excellency Zeina Toukan.
IFC’s office in Amman will bring in a well-coordinated, collaborative approach to addressing climate change and water scarcity, promoting financial inclusion, and nurturing Jordan’s thriving entrepreneurial ecosystem.
In a press release, IFC’s Managing Director Makhtar Diop stated: “We are determined to do more to help the country implement key reforms addressing critical challenges.”
IFC’s office in Amman becomes the newest regional hub for its senior regional management covering investments and advisory services in key sectors including healthcare, manufacturing, infrastructure, public-private partnerships (PPPs), and financial services.
This expansion is a key milestone in IFC’s commitment to support Jordan and its ambitious new economic modernization vision.
The latest addition to Jordan’s regional hub status will support the country’s strategic objectives to double the gross domestic product to US$82 billion by 2033, attract US$42 billion in investment, and create one million new jobs.
With the new regional hub, IFC plans to forge a coordinated approach aimed at bolstering the country’s private sector through strategic investments, providing crucial advisory services to the government, and introducing new projects.
It marks a significant step forward in IFC’s efforts in leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises.
Consequently, IFC’s Amman regional hub will help cement Jordan’s strategic role in the crossroads of Asia, Africa, and Europe as well as advance PPPs in sustainable infrastructure and projects that make significant contributions to societal progress.
IFC will continue to focus on increasing private sector participation to support jobs and inclusive, sustainable growth through direct investment, supporting PPPs, and key business climate reforms.
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