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Wed 2 Jan 2008 03:55 PM

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UAE-based home finance provider discussing tie-up with World Bank lender

Amlak, a specialised home finance provider in the UAE, announced on Wednesday that is in discussions with a division of the World Bank to partner in its Egypt operation, Amlak Finance and Real Estate Investment.

Amlak, a specialised home finance provider in the UAE, announced on Wednesday that is in discussions with a division of the World Bank to partner in its Egypt operation, Amlak Finance and Real Estate Investment.

The International Finance Corporation (IFC) will take a minority equity share in the business.

HE Nasser bin Hassan Al-Shaikh, chairman of Amlak, said in a statement: "We view this transaction as a first step toward a long term partnership with IFC, which may lead to a number of similar joint ventures in other parts of MENA."

Amlak and the IFC signed a memorandum of understanding (MoU) in September 2007 to develop the housing finance market in the region, and look into possible joint venture partnerships.

The IFC is focused on investing in private sector projects with socio-economic benefits for developing countries.