In a move that widens its role as a multilateral development bank, the arab Petroleum Investments Corporation (APICORP) has signed the accession agreement to the International Finance Corporation’s (IFC) Master Cooperation agreement (MCA). It is the first arab multilateral development bank to do this.
The IFC’s Master Cooperation agreement promotes increased collaboration with international financial institutions to help standardise steps that lenders take when co-financing projects with IFC in developing countries.
APICORP has now been enabled to partner with IFC, a member of the World Bank Group, to co-fi nance developing country energy projects in which arab countries have made investments.