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IFC Buys 15% Stake in Insurer Medgulf for $124 Million

(Corrects location of company in headline and second paragraph of story first published on Feb. 4)

Feb. 4 (Bloomberg) -- The International Finance Corp. said it agreed to buy a 15 percent stake in Mediterranean & Gulf Insurance & Reinsurance Co. BSC for $124 million.

Medgulf, as the insurer is known, will use the funds to expand into Turkey, Iraq and Egypt, the investment arm of the World Bank said in an e-mailed statement today.

To contact the reporter on this story: Wael Mahdi in Cairo at wmahdi@bloomberg.net

To contact the editor responsible for this story: Riad Hamade at rhamade@bloomberg.net

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