Ivory Coast: IFC to invest €533 million in the private sector

Feb 07, 2013

The International Finance Corporation (IFC) is to invest, during the fiscal year ending in June 2013, a sum of Fcfa350 billion (€533.5 million) to support the private sector in Côte d'Ivoire.

The International Finance Corporation (IFC) is to invest, during the fiscal year ending in June 2013, a sum of Fcfa350 billion (€533.5 million) to support the private sector in Côte d'Ivoire.

This amount will fund projects in electricity production and within the food industry, but will also be allocated to improve access to finance and build the capacities of small and medium-sized enterprises.

The IFC "will pursue its efforts to help Ivory Coast to move beyond a fragile state affected by conflicts towards reconciliation and recovery. We will work with the private sector and the government to stimulate job creation by removing barriers to private sector development, " said Dorothy Berry, vice-president of the IFC, the agency cited by Ecofin.

In 2012, the government has granted SMEs an estimated Fcfa50.9 billion (€77.6 million) in tax relief to revive the economy.

SMEs indeed represent more than 98 percent of businesses in the country and contribute up to 18 percent of GDP.ADNFCR-2976-ID-801535866-ADNFCR