The International Finance Corporation (IFC), a subsidiary of the World Bank Group, announced that it had invested $ 6.2 billion in long-term investment in sub-Saharan Africa in fiscal year 2018.
The envelope, which is almost double that of the previous fiscal year, enabled IFC client financial institutions to provide more than 2.9 million loans to micro and small and medium-sized enterprises 32 million people in Africa have access to electricity and 2.5 million to clean water.
IFC projects have also reached more than one million farmers and provided 1.4 million people with medical care, according to the institution.
According to Vice President for the Middle East and Africa, Sergio Pimenta, “IFC’s strategy is to mobilize private capital on a larger scale to engage more, particularly in fragile and poorly-resourced countries. low income “ensuring that its institution also develops” new tools to reduce business risks and attract more investors. ”
The institution’s commitments in sub-Saharan Africa include $ 1.5 billion of own resources for long-term financing and $ 4.7 billion of mobilization from third-party investors.
These investments include projects in infrastructure and natural resources ($ 3.5 billion), manufacturing, agribusiness and services ($ 1.2 billion). Financial institutions, telecommunications, media and technology are also targeted in these IFC financing and its partners.
