The International Finance Corporation (IFC), part 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 across Qatar and the broader Middle East. The agreement underscores both organizations’ commitment to fostering economic collaboration, with a focus on job creation and sustainable development in the region.
The MoU aims to support the private sector by identifying investment opportunities for Qatari companies in developing countries, particularly those that promote environmental and social sustainability. As part of this collaboration, the two organizations will work on joint initiatives to share best practices, address skills gaps, and host entrepreneurship events. These efforts will include market studies, thought leadership, and IFC’s 1001 Stars programme, which provides a platform for private sector leaders to promote training, financial inclusion, and equal job opportunities, especially for women, youth, and vulnerable groups.
Sheikha Mayes bint Hamad al-Thani, managing director of USQBC-Qatar, hailed 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.” She also noted that the agreement strengthens economic ties between the US and Qatar, creating new trade and investment opportunities that will benefit businesses in both countries.
Abdullah Jefri, IFC’s senior manager for the Gulf Cooperation Council (GCC), emphasized the importance of leveraging the strengths of both organizations to promote inclusive and sustainable growth. “By joining our forces with USQBC, we aim to tap into our combined strengths and networks to mobilize private sector investments as an engine of inclusive and sustainable growth that can transform people’s lives across the developing world,” Jefri said. He added that the partnership aims to address pressing development challenges such as unemployment, food insecurity, climate change, and inequality by harnessing entrepreneurship and cross-border investments.
As the largest global development institution focused on the private sector in emerging markets, IFC operates in more than 100 countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing nations, focusing on mobilizing private capital to create sustainable economic opportunities.
USQBC, which is dedicated to strengthening trade and investment between the US and Qatar, plays a key role in facilitating economic and market growth. Through strategic partnerships and collaborative events, the council aims to enhance cooperation and foster mutual prosperity between the two nations.
