IFC’s investments in sub-Saharan Africa totals $2.2b in 2011 fiscal year

The International Finance Corporation (IFC), a member of the World Bank has invested $2.2 billion in sub-Saharan Africa in its 2011 fiscal year, topping the $2 billion mark for the second year running for the region.

The investments were made in 31 countries in the region, according to IFC’s 2011 fiscal year results which ended on June 30.

“IFC’s new investments in the whole of sub-Saharan Africa totalled $2.2 billion and reached 31 countries,” it said in a statement.

In West and Central Africa, IFC, according to the results, provided $1.3 billion in new financing commitments, an 8.5% increase over last year.

It’s advisory services was also active in 31 countries in Africa. IFC noted that 133 projects valued at $189 million were recorded through June 2011.

IFC’s new investments totalled $327 million in 29 projects in the East African Community countries which marked the highest investment volume ever recorded by IFC for the region during the fiscal year 2011. IFC says it supported 26 active advisory services projects in the five countries as of June 30.

For Southern Africa, it has committed new investments of $247 million in 16 projects.

“IFC had 11 active Advisory Services projects in the sub-region at the end of the fiscal year supporting activities ranging from climate change initiatives to increased access to finance and basic services.”

The Corporation says it will maintain a leading role in developing the region’s financial sector, providing both investment and targeted advisory services to a number of banks in the region.

By Ekow Quandzie