IFC, Korean firm sign accord to encourage sustainable investment in Africa

World Bank Group’s private arm, the International Finance Corporation (IFC) and Korean industrial giant POSCO have announced a year-long memorandum of understanding (MoU) to cooperate on business development in sub-Saharan Africa.

Under the new accord, the two organizations will work together closely in the coming months to “identify and pursue investment opportunities in manufacturing, mining and infrastructure,” according to an IFC statement February 15, 2012.

“IFC wants to help investors from other dynamic, rapidly growing economies find opportunities in Africa. IFC has a strong presence across the region, experience in a range of sectors, global expertise and high standards that can help our partners succeed in profitable and sustainable businesses in Africa,” said the IFC’s Country Manager for Southern Africa, Saleem Karimjee.

Officials say staff from both organizations will maintain close contact over the next year to explore opportunities for joint business development.

POSCO is one of the largest steel production companies in the world, involved in engineering and construction, power generation and natural resource development through its various subsidiaries.

By Ekow Quandzie