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IFC in Sub Saharan Africa

A Member of the World Bank Group. IFC in Sub Saharan Africa. Presentation at Mozambique Investment Forum Paris, October 2003 By Solomon Asamoah IFC Country Manager, Mozambique sasamoah@ifc.org. Our Mission.

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IFC in Sub Saharan Africa

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  1. A Member of the World Bank Group IFC in Sub Saharan Africa Presentation at Mozambique Investment Forum Paris, October 2003 By Solomon Asamoah IFC Country Manager, Mozambique sasamoah@ifc.org

  2. Our Mission “We will promote sustainable private sector investment in Africa to reduce poverty and improve people’s lives.”

  3. IFC in theWorld Bank Group Multilateral Investment Guarantee Agency, 1988 International Finance Corporation, 1956 International Bank for Reconstruction and Development, 1945 International Development Association, 1960

  4. Sub-Saharan Africa Today:Some Difficulties • Political Instability • Poor Physical Infrastructure • Poor Governance: • Lack of effective property rights • Ineffective judicial systems • HIV/AIDS • Small Economic Size • Limited capital flows and low domestic investment • Retreat of foreign investors

  5. Sub-Saharan Africa Today:Some Opportunities • Increased private sector participation in economic development • Increasing democracy • Improved macroeconomic management • Regional integration (ECOWAS / EAC / African Union) • NEPAD

  6. IFC Activities in Africa • Africa is an IFC priority with significant resources devoted to Africa programs • IFC resources to date targeted: • Building the financial sector • Supporting indigenous entrepreneurship • Expanding private participation in infrastructure • Have further expanded this through recently approved Africa Initiative which will highlight • A new approach to MSMEs • A more proactive approach to project development • A new focus on improving the investment climate

  7. IFC Activities in Mozambique • Within Africa, Mozambique is a priority country • IFC’s portfolio totals $144m in 14 projects, in Tourism, Agribusiness, financial services and gen. manufacturing • Key activities include: • Support for Natural Resources - mega projects eg Mozal, SASOL and potentially Corridor Sands • Tourism and the private sector – SEATIP initiative • Agribusiness sector – Major study to identify and then finance potential world leading agro industries • Advisory Services – Communications, Power, Private Participation in Infrastructure e.g Coal, railways • Micro, Small and Medium enterprises

  8. CONCLUSION • IFC is active in Mozambique, and likely to further increase our activities both in the short and medium term. Why ? • Has a number of good investment opportunities • Has the potential to be world leaders in a few key sectors • Political stability and increasing private sector friendly approach

  9. Thank You Solomon Asamoah IFC Country Manager, Mozambique sasamoah@ifc.org

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