compliant products, which would seek to attract private investors, especially from Gulf countries. "Infrastructure is one of our most important priorities in the Middle East and North Africa," said Lars Thunell, Executive Vice President and CEO of IFC. "Large investments in infrastructure are needed across the region. This facility will demonstrate the viability of infrastructure investments for both the private sector and governments, which in turn will help increase investments in this sector and improve services for a rapidly growing population." IFC's approach to infrastructure projects includes advising governments in structuring innovative public-private partnerships and financing precedent-setting transactions. In particular, IFC supports cross-border projects from Gulf countries into emerging markets that commercial banks would consider too risky without IFC's involvement. Over the past four years, IFC has invested more than $1 billion in infrastructure projects in MENA. "The World Bank, jointly with IFC, has been helping governments in the region to expand their capacity to develop Public Private Partnerships," said Shamshad Akhtar, Vice President of the MNA Region of the World Bank. "With this facility we are ready to take this one step further and support cross- border infrastructure projects which will foster regional integration." World Bank lending to the MENA region for infrastructure, including electricity, transport and water, has exceeded $1 billion a year and is expected to increase further in the years ahead to help close the infrastructure gap.
