IFC, Singapore sign MoU to increase African investments

The International Finance Corporation (IFC) and the International Enterprise Singapore, part of the country’s Ministry of Trade and Industry, today August 30, 2012 signed a memorandum of understanding to jointly identify growth sectors in Africa for Singapore-based companies to invest in and to share business leads and opportunities through partnerships.

The signing took place on the sidelines of the two-day Africa Singapore Business Forum, which opened on Wednesday, the IFC said in a press statement.

The forum is hosted by International Enterprise Singapore to provide a platform for Singaporean and other Asian companies to connect with potential business partners from Africa.

Lim Ban Hoe, Group Director for Middle East and Africa at International Enterprise Singapore, said its partnership with the IFC will help Singaporean companies overcome initial hurdles in engaging with business partners in Africa’s diverse continent with 54 countries.

“The memorandum of understanding allows us to bring together Singapore’s expertise in key sectors, and the extensive developmental experience that a multilateral organization like IFC has in Africa. This partnership will unlock the potential of the African growth story and translate it into tangible and impactful projects for mutual growth,” Lim said.

Commenting after the signing, IFC Singapore Country Manager, Babatunde Onitiri said the Corporation’s strong network and Singaporean enterprises’ technical expertise will help create a competitive edge in supporting Africa’s economic development.

By Ekow Quandzie