'Africa's Decade' as IFC Reports Sub-Saharan Africa Eager for More Project Investment

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Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--The International Finance Corporation (IFC), the World Bank's (Washington D.C.) private-sector funding arm, reports that although it has boosted investment in Sub-Saharan Africa by more than 30% in the past 12 months, it is still lagging behind demand for project funding in the region.

During the 2013 financial year, the IFC committed and mobilized $5.3 billion for projects in the region out of the total of $24.8 billion it invested globally. The bank invested $3.5 billion from its own account and facilitated $1.8 billion from other financial sources. IFC also carried out $65 million worth of advisory projects in the region.

The bank's Infraventures division partnered with the private sector on wind power projects in East Africa, and $401 million went into South African projects in the renewable energy, agribusiness and financial sectors. Among the $600 million IFC now has invested in the region's agribusiness sector is support for a South African avocado grower, a plantation forest company and a poultry company.

Oumar Seydi, IFC director for Eastern and Southern Africa said that the commitments made during the year supported Africa's economic growth by supporting entrepreneurs and farmers, improving infrastructure and basic services and catalyzing business in countries recovering from conflict.

Saleem Karimjee, IFC's senior manager in Southern Africa, said that the market was asking for more funding. "This is Africa's decade," he added.

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