Singapore, August 30, 2012—IFC,
a member of the World Bank Group, and International Enterprise Singapore,
part of the Ministry of Trade and Industry, signed a memorandum of understanding
on Thursday to jointly identify growth sectors in Africa for Singapore-based
companies to invest in and to share business leads and opportunities through
The signing took place on the sidelines
of the two-day Africa Singapore Business Forum, which opened on Wednesday.
The forum is hosted by International Enterprise Singapore to provide a
platform for Singaporean and other Asian companies to connect with potential
business partners from Africa.
“Africa, with its growing middle class,
holds many promising opportunities for investors, while Singapore has strong
expertise in urban and industrial planning, transport, agribusiness and
information communications technology,” said IFC Singapore Country Manager
Babatunde Onitiri. “IFC’s strong network and Singaporean enterprises’
technical expertise will help create a competitive edge in supporting Africa’s
Lim Ban Hoe, group director for Middle
East and Africa at International Enterprise Singapore, said its partnership
with IFC will help Singaporean companies overcome initial hurdles in engaging
with business partners in Africa’s diverse continent with 54 countries.
“The memorandum of understanding allows
us to bring together Singapore’s expertise in key sectors, and the extensive
developmental experience that a multilateral organization like IFC has
in Africa. This partnership will unlock the potential of the African growth
story and translate it into tangible and impactful projects for mutual
growth,” Lim said.
IFC opened its office in Singapore in
September 2011 to tap the city state’s experience in urban and infrastructure
development. The move is part of IFC’s initiative to pave the way for
successful Asian companies to grow their businesses in emerging countries
while benefiting local economies.
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, mobilizing capital in international financial
markets, and providing advisory services to businesses and governments.
In FY12, our investments reached an all-time high of more than $20 billion,
leveraging the power of the private sector to create jobs, spark innovation,
and tackle the world’s most pressing development challenges. For more
information, visit www.ifc.org.
About International Enterprise Singapore
International Enterprise (IE) Singapore
is the government agency driving Singapore’s external economy. We promote
international trade and spearhead the overseas growth of Singapore-based
companies to grow Globally Competitive Companies.
IE Singapore attracts global commodities
traders to establish their home base in Singapore. Today, Singapore is
a thriving trading hub for the energy, agri-commodities and metals &
minerals trading clusters.
Through our Global Company Partnership,
we work with Singapore-based companies to customize total solutions in
capability building, market access and financing for their internationalization.
Our global network of overseas centers
in over 35 locations provides the necessary connections in many developed
and emerging markets.
for more information.