International Finance Corporation (IFC), a member of the World Bank Group, signed a memorandum of understanding with FFA Private Bank (FFA), a leading private bank in the Middle East and North Africa, to help improve infrastructure services in Lebanon and the wider Levant region.

IFC will support FFA in setting up and operating a mezzanine infrastructure fund, currently stands at $100 million, that aims to narrow the gap in the financing of infrastructure projects in Lebanon. This will help improve access to basic infrastructure services like power, utilities and transportation. The fund also aims to finance infrastructure projects across the wider Levant region and Africa.

“We are proud to have IFC’s support in this endeavor, which will be our contribution to the success of the Capital Investment Plan (CIP) adopted by the Lebanese Government and endorsed by the international community during the CEDRE conference," Jean Riachi, Chairman and CEO of FFA Private Bank, said.

“Influx of refugees and years of wars took a toll on Lebanon’s infrastructure and strained public finances,” said Saad Sabrah, IFC Country Head for Lebanon. “Increasing private investments in infrastructure can unlock great economic potential, provide access to new markets and create jobs, not only in Lebanon but across the rest of the Levant region.”

IFC, a sister organization of the World Bank and member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets.

Since 1971, IFC has invested more than $850 million to support private sector development in Lebanon. The efforts focused on supporting Lebanon’s financial market, expanding financial inclusion for small, medium and microbusinesses, extending trade financing and promoting sustainable energy and energy efficiency projects.