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World Bank to invest US$4.3 billion in Africa in 2013

Dakar, Senegal — 05 October 2012 – The International Finance Corporation (IFC) “’ the lending unit of the World Bank “’ expects to invest at least US$4.3 billion in sub-Saharan Africa in 2013 with a focus on energy and transportation “’ the two most pressing requirements for mining in the sub-continent.    

In an interview with Bloomberg News here, IFC executive vice president and CEO Jin-Yong Cai pointed out that this would be a 7.5% increase on the record amount being invested in the region this year.

The IFC aims to be “the key facilitator or catalyst for private-sector development which is the fundamental driver for economic growth,” said Jin-Yong, a former Goldman Sachs Group Inc. partner who was appointed to the post in August. “Africa is our priority globally,” he added.

Jin-Yong met with Senegalese government officials to discuss areas where investment can improve growth. “We are looking at several key sectors, not only private sector participation, but to fundamentally deal with some of the key bottlenecks in this economy,” he explained.

The IFC also plans to invest in agribusiness and transportation, Jin-Yong said. “Unless you have decent infrastructure, you can’t have scale, and if you don’t have scale, you can’t really achieve any competitiveness in business,” he said.

Source: Bloomberg News. For more information, click here.