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
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.
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