Out of the total funds of $ 200 million, technical assistance component of up to $30 million is earmarked for capacity building of other sectors and $170 million is been scheduled to use for small and medium enterprise, provide financing through partner financial institutions. The facility will seek to work with existing banks and new financial institutions that may be established in
In the post war scenario,
Mr Jabre further said, "we are open to investing in any sectors of the economy in
The technical assistance component of the facility will help participating financial institutions develop capacity for micro and small business financing by providing training, systems and helping to create units with specialised expertise. IFC expects to work with other donors, bilateral agencies, and commercial investors for both funding and technical support.
Other institutions in the World Bank Group, namely, the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) have assisted in the preparation of a needs assessment for Iraq's reconstruction, which formed a basis for the new IFC facility.
IBRD and IDA continue to carry out required preparatory work and plan to begin operations in
The mission of IFC is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people's lives. IFC finances private sector investments in the developing world, mobilises capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses.