The International Financing Corporation (IFC) will provide $50 million for Fawaz Abdulaziz Alhokair, a company based in Saudi Arabia, to support expansion of activities in Eastern Europe and Middle Asia, Trend reports on Friday.
Financing will be realized according to Sharia law.
The company will realize financing via the murabaha to expand operations in Kazakhstan and start them in Azerbaijan and Georgia. The finances will create 2000 new jobs.
Abdulmajeed Abdulaziz Fahed Alhokair, CEO of Fawaz Abdulaziz Alhokair, said that the IFC demonstrates the international durability of the business of the company.
The IFC is an organization of the World Bank Group, realizing private investments. The corporation provides loans, investments with a share in capital, structural financing and products for managing risks, it offers consulting to stimulate activity of the private sector in developing states.
