IFC Provides $17bn Support to Entrepreneurs in Africa
IMAGE: IFC »
The International Finance Corporation (IFC), a member of the World Bank Group has said it provided billions of dollars of new financing and investment mobilisation and has also delivered wide-ranging advisory services in Africa in its 2014 fiscal year.
Specifically, the IFC, in its results for the 2014 fiscal year stated that its activities impacted 1.1 million farmers, provided $17 billion of financing to entrepreneurs, delivered health services to a million patients and improved quality of education for 117,000 students.
Also, it revealed that in collaboration with other institutions of the World Bank Group, it supported agriculture and power, job creation, health, education and CAPITAL MARKETS in the continent.
“IFC made new investments in 31 countries in sub-Saharan Africa during its 2014 fiscal year, totalling $4.6 billion. In partnership with MIGA, IFC mobilised an additional $343 million of financing for the private sector.
“IFC provided more than $4.0 million in new investments in the continent’s lowest income economies. New IFC commitments provide $800 million to countries affected by recent conflicts, including Cote d’Ivoire, Democratic Republic of Congo and Mali,” the result showed.
According to the report, drawing on support from the World Bank Group, African governments enacted over 70 reforms to improve business
regulation. Examples of the impact of such reforms includes private sector cost savings of $25.5 million in Ethiopia and an additional $106 million in investment by new businesses in Rwanda generating 29 000 jobs.
Furthermore, it stated that the World Bank Group also supported the modernisation of the Uniform Act on Companies, which led to more than 20 reforms of the investment climate among the 17 member countries of the Organisation for the Harmonisation of Business Law in Africa (OHADA).
The IFC said its Advisory Services spending reached $64 million with projects active in 30 countries. Four new public-private partnership mandates were signed to improve access to power, water and roads.
Commenting on the corporation’s performance, IFC Director for Eastern and Southern Africa, Oumar Seydi said: “IFC’s continued high level of activity in Sub-Saharan Africa reflects our support to private sector clients as they drive local economies forward.
“As part of the World Bank Group, IFC strives to deliver investments, knowledge and solutions based on global best practices, which in turn improves business and living standards in Africa.”
On the other hand, the IFC Director for West and Central Africa, Saran Kebet-Koulibaly said: “IFC’s strong focus on Africa, a priority region for us, is helping countries to develop critical infrastructure to support their development and improve lives, adopt policies to increase trade and investment across the continent, and improve the skills of the labour force thereby laying strong operating foundations for Africa's emerging and dynamic private sector.”
Article Credit: Thisdaylive