IFC’s long-term investment in Africa reaches $3.6bn in fiscal 2015

17 Sep 2015
Financial Nigeria

Summary

The 2015 financing figure is a 20 percent increase over $3.0 billion committed in the previous year.

IFC Director for West and Central Africa, Vera Songwe

International Finance Corporation, a member of the World Bank Group, has announced that it committed $3.6 billion in new long-term financing and mobilizations in Sub-Saharan Africa during its 2015 fiscal year.

The 2015 financing figure is a 20 percent increase over $3.0 billion committed in the previous year.

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. Four new public-private partnership mandates were signed, which will help improve healthcare in Mozambique and boost power generation in Ghana, Tanzania and the Democratic Republic of Congo. IFC provided wide-ranging advice to governments and private investors in projects across 30 countries.

IFC committed $246 million in Sub-Saharan Africa’s fragile and conflict affected situations, supporting projects in finance, mining, infrastructure, and smaller businesses. That included more than $80 million in new investment commitments to companies and financial institutions in Guinea, Liberia and Sierra Leone as part of a $450 million, three-year target to step up new investments that respond to Ebola and support economic recovery in countries worst-affected by the epidemic.

IFC also invested $1.2 billion, including capital mobilized from partners, in the financial sector in Africa. The Development Finance Institution’s investments in banks and financial institutions helped provide loans to entrepreneurs. IFC provided more than $500 million to encourage key industries, including agribusiness and healthcare.

Vera Songwe, IFC’s Director for West and Central Africa, said, “IFC aims to help further leverage the private sector to meet critical needs, especially access to power and other infrastructure. Our work with financial institutions is helping entrepreneurs and empowering woman-owned businesses across the continent. IFC seeks to have a strong developmental impact in the region, especially in fragile states, where private sector development is challenging but critical for growth.

IFC also released development data for the 2015 calendar year showing its activities generated power for 14 million people, connected 2.7 million new users to phone services, reached over a million farmers, delivered healthcare to one million patients, and provided loans to two million entrepreneurs in Sub-Saharan Africa.


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