IFC Africa investments top USD2bn

BUSINESS

IFC, a member of the World Bank Group, issued a report this week on its work in Africa during the financial year ending June 30.

The report said the bank had seen strong business and development results across sub-Saharan Africa, supporting regional growth despite turbulence in the global economy.

During the previous calendar year, IFC’s activities generated power for an additional 6.6 million people, connected about 59 million telephone users, supported nearly 500 000 students, provided loans to 241 000 small businesses and 261 000 farmers and created about 217 000 jobs.

IFC said its new investments in sub-Saharan Africa reached 31 countries, with 87 of the 95 new investments made in some of the world’s lowest income economies.

Yolande Duhem, IFC Director for West and Central Africa, said: “IFC made significant progress in supporting Africa’s development last year.  Our investments in West and Central Africa and other parts of the continent grew, we saw important reforms to improve the investment climate in the region, innovative projects in priority sectors, and we have a large portfolio of investment and advisory projects that are improving people’s lives through better services and opportunities.”   

Jean Philippe Prosper, IFC Director for Eastern and Southern Africa, added: "Our increasing activities in Africa reflect IFC’s commitment to mobilise resources for entrepreneurial activity and projects driving forward the region’s private sector. IFC’s investments and advisory services are creating jobs, improving infrastructure, securing access to finance for small and medium enterprises, and raising health, education and living standards for Africans.”