IFC increases support to sub-Saharan Africa entrepreneurs
It committed $3.6 billion in new long-term financing in the region this year.The International Finance Corporation (IFC) has announced that it committed $3.6 billion (€3.2 billion) in new long-term financing and mobilisations in Sub-Saharan Africa during its 2015 fiscal year. This is up from the $3 billion invested the previous year.
It said it aims to help bridge the region’s infrastructure gap, build productive industries, and lead inclusive business approaches through financing for private companies and advice to the private sector and governments.
Oumar Seydi, IFC Director for Eastern and Southern Africa, said, "IFC’s expanding investments in Africa in 2015 are a reflection of the investment opportunities and our ability to target key sectors critical for African development. IFC supports projects that help nurture entrepreneurs and small businesses and reach projects in Sub-Saharan Africa’s critical sectors, including infrastructure and agribusiness."
Private sector projects expanding infrastructure through power, transport
and utilities received $1.1 billion in new financing from IFC this fiscal year.
IFC also committed $246 million in Sub-Saharan Africa’s fragile and conflict affected situations, supporting projects in finance, mining, infrastructure, and smaller businesses.
In addition, IFC invested $1.2 billion in the financial sector in Africa. IFC’s investments in banks and financial institutions helped provide loans to entrepreneurs.