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IFC Seeking to Increase Support for Congo’s Economic Development


In Brazzaville:
Olivier N’gonian Yao
Telephone: +242-066-229-818
Email: OYao@ifc.org


Brazzaville, Congo, June 9, 2014 -- IFC, a member of the World Bank Group, said today it is seeking to increase its support for Congo’s economic development, focusing on infrastructure, mining, agribusiness, financial, and health sector projects that will improve services, create jobs, and strengthen local businesses.

During a day-long summit in Brazzaville attended by more than two hundred people, IFC and senior representatives from Congo’s Government and private sector discussed how IFC can best support private sector development in Congo in a way that will contribute to sustainable growth, peace, and stability.

IFC’s Henri Rabarijohn, Country Manager for Congo, said, “IFC is a long-standing partner with Congo and we are looking to strengthen that partnership. Our strategy in the country is to provide investments and advisory services that will strengthen smaller businesses, improve the investment climate, and help realize larger infrastructure projects, especially through public-private partnerships.”

Mr. Léon Raphaël Mokoko, Congo’s Deputy Minister in Charge of Planning, said,  “The Government of the Republic of Congo is pleased to strengthen our partnership with IFC, particularly in the area of infrastructure development, but equally in finding ways to strengthen SMEs, which are a driving force behind job creation.”

IFC’s Advisory Services teams are currently helping strengthen smaller businesses in Congo through management training programs such as Business Edge and the SME Toolkit. A first Business Edge project is being implemented with forty staff members from Minoteries du Congo (Minoco), a wheat milling company.

IFC is also helping Congo implement OHADA and other reforms that will increase trade, attract investment, and make it easier for businesses to operate in the country.

Strengthening financial markets is another focus of IFC’s support in Congo. IFC has a trade finance line of up to $10 million with Credit du Congo that is supporting trade across borders, and is assessing a risk sharing facility of up to $12 million with the same bank. IFC is also evaluating the possibility of offering long-term lines of credit or risk sharing facilities to other local banks to increase their lending capacity.

Since 1980, IFC has invested roughly $138 million in Congo, including $7 million (with mobilizations) in fiscal year 2014.

IFC and the World Bank are also implementing the Health in Africa Initiative in Congo, helping improve health services by increasing private sector participation and expertise in the sector.


About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit www.ifc.org
       
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