IFC, a member of the World Bank Group, has announced an equity investment of $30 million via the consortium fund Network International to expand the payment infrastructure in the Middle East and Africa. Network International is jointly controlled by the Emirates NBD Bank and Warburg Pincus/General Atlantic consortium. The investment will help the company expand and modernise its banking client network in the Middle East and Africa. The investment is expected to allow MSMEs to access card-based payments and develop digital data records, to help them grow their customer base. Bassel Hamwi, Head of the IFC Middle East and North Africa Fund, said the shared infrastructure brings down costs and boosts financial inclusion, while reducing the risk of fraud.
International Finance Corporation (IFC) proposed an equity investment in Gulf African Bank (GAB) worth $5 million. The investment is expected to improve the bank's strength and provide additional capacity for growth. under IFC’s Global Trade Finance Program (GTFP), an additional $3 million trade line will be made available by IFC to the bank.
It appears that ICD has adopted IFC's Master Cooperation Agreement. This will help the collaboration between the two on private sector investments in the Middle East and North Africa and in emerging markets worldwide.
The Master Cooperation Agreement standardizes steps that lenders take when joining IFC to co-finance projects, increasing efficiencies and cutting costs to borrowers and lenders throughout the loan period.