IFC aid sub-Saharan African economy with $5.3b investments in 2013 fiscal year

Investment commitments by the International Finance Corporation (IFC) reached $5.3 billion in sub-Saharan Africa, with projects targeting key sectors in the region’s economy.

In a detailed factsheet released early September 2013, the IFC’s activities in sub-Saharan Africa showed strong development impact through record volumes of investment and advisory services for the year ending June 2013.

In addition to its committed record of $5.3 billion new investments, the IFC also carried out advisory services projects worth $65 million in the region in its most recent fiscal year.

According to the IFC it supported infrastructure, health, agribusiness and a range of activities in conflict affected states and helped Africa’s entrepreneurs gain access to finance.

“IFC invested $3.5 billion from its own account, and mobilized $1.8 billion from other investors,” it said in a statement adding “in FY 2013, IFC’s supported projects that provided loans for 54,000 small and medium businesses, encouraged 13.7 million microfinance clients; and improved health and education for 360,000 people.”

Yolande Duhem, IFC Director for West and Central Africa, said, “By focusing on developing Africa’s private sector in key areas such as power generation, transport or agribusiness, we are playing an active role in stimulating sustainable economic growth and job creation in the region.”

According to Duhem, the IFC also believes in boosting regional markets in Africa and many of its investments aim to allow companies to grow beyond national boundaries.

By Ekow Quandzie