World Bank plans to increase investments in Africa

World Bank’s private sector arm has announced plans to increase the level of its investment in Africa in order to promote entrepreneurship.

The International Financial Corporation (IFC) Regional Director for Eastern and Southern Africa, Cheikh Oumar Seydi in Nairobi said IFC is only constrained by the number of opportunities that are available in Africa, reports China.org.

“So, if we find a viable project in Africa we will finance it because we believe that our mission is very relevant in Africa. Africa has enormous needs,” he said.

He noted that IFC’s total investment portfolio in loans and equity in sub-Sahara Africa are estimated at five billion dollars, up from 200 million dollars 12 years ago.

The director said that long term investments are approximately three billion US dollars, while short term finance stands at two billion dollars.

The financial institution has holdings in a wide range of sectors including infrastructure, agri-business and financial services.

Seydi added that IFC’s investments in equity is critical in ensuring that entrepreneurship is encouraged.

“We want to increase the figure because equity is critical in ensuring that entrepreneurship is encouraged,” he said.

IFC is the leading provider of advice in promoting and sustaining private sectors, it has invested more than $25 billion in African businesses and financial institutions.