IFC eyes increased growth in Africa

The International Finance Corporation (IFC) says it will further expand its business in Africa in order to reflect its priority in eradicating poverty and contributing to increased prosperity globally.

IFC’s Executive Vice President and CEO Jin-Yong Cai who was on his first trip to Africa since assuming his new position, said in Dakar that IFC will leverage its leading innovative global platform for investments, advisory services, and investment mobilization to do more in the world’s poorest countries and fragile states.

“A long-term strategic commitment to sub-Saharan Africa has allowed IFC to become the leading international financial institution promoting private sector investment,” Cai said, according to a statement issued by the IFC October 3, 2012.

Cai adds, “IFC’s global expertise, local presence, and products and services are meeting the needs of African private businesses today. IFC is well-positioned to play an even more vital role in promoting sustainable growth that contributes to poverty eradication.”

IFC delivered high development impact results in sub-Saharan Africa in fiscal year 2012 from both its advisory services projects and investments, which reached a record $4 billion.

Jin-Yong Cai began his tenure as IFC Executive Vice President and CEO on October 1, 2012, after a career in investment banking in Asia.

His inaugural trip to sub-Saharan Africa, the IFC said highlights its focus and commitment to the region.

By Ekow Quandzie