The International Finance Corporation (IFC), a member of the World Bank Group, and the US-Qatar Business Council (USQBC) signed a memorandum of understanding (MoU) on Tuesday to promote sustainable investments and entrepreneurship in Qatar and the wider Middle East.
The MoU represents the commitment of both organisations to enhancing economic collaboration, as well as advancing initiatives that support job creation and sustainable development in the region.
This MoU has the primary objective of supporting the private sector, as well as identifying and promoting investment opportunities for Qatari companies in developing countries, focusing on projects that contribute to environmental and social sustainability. Joint initiatives will aim to share best practices and address skill gaps through entrepreneurship events, thought pieces and market studies, and IFC’s 1001 Stars programme, which is a platform for private sector leaders to foster trainings, financial inclusion and equal job opportunities across the region – especially for women, youth, and other vulnerable groups.
Sheikha Mayes bint Hamad al-Thani, managing director of USQBC-Qatar, highlighted the importance of the partnership, saying, “This joint effort is a significant step in unlocking entrepreneurial growth potential in Qatar and extending to the region. By identifying the optimal ecosystem that fosters innovation and sustainable investment, we aim to drive long-lasting economic impact. This agreement capitalises on the economic relations between the US and Qatar to set the stage for enhanced trade and investment opportunities that will benefit businesses in both countries."
Abdullah Jefri, IFC senior manager for the GCC, said: “By joining our forces with USQBC, we aim to tap into our combined strengths and networks to mobilise private sector investments as an engine of inclusive and sustainable growth that can transform people’s lives across the developing world. From harnessing entrepreneurship and cutting-edge technologies to leveraging cross-border investments, our goal is to tackle some of the most pressing development challenges such as unemployment, food insecurity, climate change, and inequality.”
IFC is the largest global development institution focused on the private sector in emerging markets. It works in more than 100 countries, using its capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56bn to private companies and financial institutions in developing countries, leveraging private sector solutions, and mobilising private capital to create a world free of poverty on a liveable planet.
The USQBC is dedicated to enhancing trade and investment between the US and Qatar. Through strategic partnerships and collaborative events, the council aims to strengthen economic ties and foster economic and market growth, facilitating increased co-operation and mutual prosperity.
