The International Finance Corporation (IFC), a member of the World Bank Group, announced the cooperation with Omni Bridgevai Consulting Limited, a leading company specializing in dealing with issues related to non-performing loans and legal disputes..
The Foundation announced in a press release Wednesday that this was aimed at setting up the first IFC platform in the Middle East and North Africa to address these problems. The platform would help financial institutions recruit capital and encourage them to provide new loans.
IFC and Omni Bridgevai provided $ 100 million to create a new investment vehicle run by the Dubai Bridgevater Regional Excellence Center in Dubai..
The center, with a minority stake in IFC, aims to invest $ 1 billion in the management of non-performing loans and related legal disputes. This project, the first of its kind in the Middle East and North Africa, will focus on countries like Pakistan, Egypt, and Greece, which helps banks in these countries reuse capital to intensify credit operations and promote economic growth and employment.
This investment is implemented under the Asset Relief Program An Emergency Rescue Program International Financial Corporations.
"The partnership with IFC will help us expand into new markets where access to capital and expertise for imperfect loans and conflict resolution is a particular challenge in these markets, as the banking sector significantly contributes to economic development," said Raimond Van Holst of Omni Bridgevai."He said.
Investments are part of the IFC's strategy for providing innovative solutions that are able to pay off global debt, helping financial institutions to release bad loans, mitigating risks to their balance sheets and ridding their capital, and rehabilitating and reintegrating insolvent debtors. Official credit markets, establishing a secondary market through poor quality loans.
"When banks face shaky loans, the flow of credit and growth will slow down, and the settlement of loans and non-performing assets will play an important role in helping growth and employment in the Middle East," said Manuel Reies-Ritana, IFC's Regional Director Middle East and Africa, IFC. Middle East and North Africa"He said.
The IFC's Global Troubled Asset Relief program of $ 5.4 billion was launched in 2007, which includes $ 2 billion to the account of the International Finance Corporation and $ 3.4 billion for joint ventures from other investors, market leader With regard to the purchase and settlement of problematic assets in the countries in which they operate.
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