Posted by: africanpressorganization | 4 June 2009

IFC Investment to Help Increase Power Supply in the Middle East and North Africa

 


 

 

IFC Investment to Help Increase Power Supply in the Middle East and North Africa

 

 

WASHINGTON, June 4, 2009/African Press Organization (APO)/ — IFC, a member of the World Bank Group, is investing up to $50 million in Creative Energy Resources, which will make investments in the Middle East, North Africa, and South Asia to address the growing demand for electricity and improve energy reliability.

 

CER is a newly formed holding company promoted by Swicorp Joussour, which has committed up to $100 million in the company. CER will develop, acquire, own, and operate a portfolio of thermal and renewable power generation projects. The company already made its first investment in Pakistan – a

20.14 percent equity stake in a 585-megawatt gas-fired power project.

 

“We are pleased that IFC has made an equity investment in CER which will help us mobilize additional private investment,” said Shahzad Qasim, CEO and Founder of CER. “We look forward to working with regional and international investors to improve power supply in the region.”

 

Public funding is inadequate to meet regional energy demands, while private investment has decreased because of global conditions. IFC is investing in CER at a time when there is a significant need to encourage private investment in the infrastructure sector to help regional countries mitigate the impact of the global economic crisis and support sustainable economic growth.

 

Nabil Triki, Head of Swicorp Private Equity, said, “IFC’s equity participation in CER is an endorsement of the company’s business plan and management team. Soaring electricity demand and new laws promoting private sector investment have created many power sector opportunities.”

 

Anita Marangoly George, IFC Director for Infrastructure, said, “IFC is pleased to partner with CER in increasing private participation in the development of power projects within the region. We expect CER to play an important role in providing power to an underserved part of the world.”

 

About IFC

IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34% increase over the previous year. For more information, visit http://www.ifc.org.

 

About Swicorp

Swicorp is a financial advisory, private equity, and principal investment firm licensed by the Capital Markets Authority of Saudi Arabia to provide a comprehensive range of services to domestic and international businesses in the Middle East and North Africa. Founded in Switzerland in 1987, Swicorp’s headquarters is in Riyadh, with additional offices in Algiers, Dubai, Geneva, Jeddah, and Tunis. Swicorp (UAE) Ltd is regulated by the Dubai Financial Services Authority. For more information, visit http://www.swicorp.com.

SOURCE 

The World Bank


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