IFC renews commitment to Chad’s private sector

20 Jan 2016
Chibuike Oguh

Summary

IFC approved a $10 million to Ecobank Chad to boost lending to small and medium enterprises. 

Ethiopis Tafara, Vice President for Corporate Risk and Sustainability and the General Counsel

The International Finance Corporation (IFC) has reiterated its commitment to the development of the Chadian private sector. The commitment was made during an official visit by IFC’s Regional Representative for Central Africa, Mehita Sylla, to N’Djamena, the capital city of Chad, from January 11th to 16th.

IFC, the private sector arm of the World Bank Group, has been one of the largest foreign investors in Chad, which has a GDP of about $13.9 billion as at 2014. IFC has granted a loan of 41 million euros to Tigo, the largest telecoms operator in Chad, to upgrade its network and acquire 3G and 4G licenses. In June 2015, IFC approved a $10 million to Ecobank Chad to boost lending to small and medium enterprises.  IFC has also approved a loan of 1.23 million euros to Clinique La Providence, one of country’s largest hospitals, to buy equipment and build a new hospital of 56 beds in N’Djamena.

 "The Chadian private sector will play a greater role in the direction of economic development,” Sylla said. “Since 1998, when the country became a member of IFC, the private sector received total commitments amounting to $57.7 million for five investment projects remained active until now.”

"The Group of the World Bank is a committed partner in the fight against poverty and the search for shared prosperity in Chad,” the IFC’s Regional Representative added.

Chibuike Oguh is Financial Nigeria's Frontier Markets Analyst


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