IFC Africa investments top USD2bn

BUSINESS

|
Image: IFC activities improved power access. By World Bank
IFC activities improved power access

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.”



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE BUSINESS NEWS

ITC urges governments to increase public procurement from women vendors

The International Trade Centre (ITC) has launched an initiative to increase the number public procurement contracts being awarded to women-owned businesses. Currently only an estimated 1% of public-procurement contracts globally are awarded to WOBs or women entrepreneurs.    Read More

Orange launches start-up accelerator programme in Ivory Coast

With “Orange Fab Ivory Coast” and “Fab Israel”, Orange’s network of start-up accelerators is now present on four continents.  Read More

Safaricom shareholders agree yuMobile buyout

Shareholders of Kenya’s leading telecom Safaricom voted in favour of the company’s acquisition of the network, IT and infrastructure of smaller rival yuMobile at the firm’s annual general meeting (AGM), meaning the deal now only requires regulatory approval to proceed. Read More

TLcom achieves second profitable African exit of 2014 with Movirtu sale

Venture capital firm TLcom Capital (TLcom) has announced its second profitable exit in Africa this year with the sale for an undisclosed fee of virtual identity solutions provider for mobile operators Movirtu to BlackBerry. Read More

Why CWG is re-strategising

Tayo Oduwole, James Agada, Bature Umar Masari, Austin Okere, and Nasiru Izegwire Nigeria’s Computer Warehouse Group (CWG Plc) is re-strategising to take the company in a different direction. Read More

Green accelerator programme launched in Kenya

Impact Amplifier, Growth Africa, VC4Africa and Hivos have joined forces to launch an accelerator programme for green entrepreneurs, looking to help these entrepreneurs scale their innovations across Africa. Read More

Nigeria will drive West African operations, says Asseco chief

L-R: Simon Melchior, Mrs Ogunboye, Majekodunmi and Communications M Akinwande Oluwatobi European software giant Asseco Group has decided to open shop in Nigeria to drive its presence in the sub-region from the country. Read More

Eaton Towers acquires Airtel towers in 6 countries

Eaton Towers and Bharti Airtel today announced an agreement for the acquisition of over 3,500 telecoms towers by Eaton Towers from Airtel. Read More

TNM first quarter net profit jumps to K1.8 billion

Malawi's mobile telecoms network service provider TNM continues to realise an increase in net profit from operations. Read More

Revenues from tablet games to triple

New data from Juniper Research has revealed that by 2019 worldwide revenues from tablet games will reach $13.3 billion – a threefold rise on the 2014 figure of $3.6 billion. Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionSage HR AfricaMTN BusinessSchneider ElectricMultichoice

FEATURED STORY

MFarmer SMS redefines market access for Ugandan farmersMFarmer SMS redefines market access for Ugandan farmers

Ugandan smallholder farmers are benefitting from an ambitious innovative ICT mobile phone initiative that offers weather reports and up-to-date market information about changes in prices for agricultural commodities, thus granting them lucrative returns from their farming ventures. 

IN DEPTH

NIG President speaks his mindNIG President speaks his mind

Bayo Banjo, CEO, Disc Communications and President, Nigeria Internet Group (NIG) says the proposed licensing of infrastructure companies by the Nigeria Communications Commission (NCC) will breed corruption and entrench monopolistic practices. Kokumo Goodie reports.

COMPANY NEWS

SAP innovation transforms how Governments conduct business

SAP Africa kicked off its public sector innovation roadshow in Johannesburg, to highlight how the SAP innovation solutions portfolio including, cloud and big data, supports all levels ...