Dakar, Senegal, May 13, 2016—IFC,
a member of the World Bank Group, affirmed its commitment to private sector
development in Africa during the first trip to Senegal and the region by
Executive Vice President and CEO Philippe Le Houérou. In meetings with
senior government officials, private sector executives, other partners
and staff, Le Houérou engaged on Senegal’s potential and issues, and highlighted
the continued opportunities for investors.
"IFC has six decades of global
experience and is increasingly active in Senegal," he said. "With
a dynamic private sector we can achieve much more investment and create
He met World Bank Governor. Amadou Ba,
Minister of Economy, Finance and Planning, with whom he discussed IFC support
for the development of Senegal and other countries in Africa. He also met
with local private sector representatives to take a measure of their interest
in IFC financing and advice for their activities in the region.
Le Houérou said, "Senegal is creating
a dynamic of growth and employment by encouraging private initiative, attracting
investors to well-structured infrastructure projects, particularly in the
areas of energy and transport, and encouraging promising sectors, including
agribusiness and financial services."
IFC has a long-standing commitment to
support development in Senegal, which became a member in 1962. IFC’s first
project in the late 1960s was the financing for the first fertilizer plant
in West Africa, based in M’Bao. IFC has since invested a half billion
dollars in Senegal, much of which has been invested over the past decade.
IFC’s engagement is concentrated on the development of infrastructure,
financial inclusion, agribusiness, and strengthening SMEs. IFC is also
exploring opportunities in health and education.
Mr. Le Houérou visited Microcred Senegal,
and IFC client and the third largest microfinance institution in the country.
It provides credit, savings and fund transfers for underserved small and
medium enterprises. He also visited the factory of Kirène Group, a juice
maker, which has developed rapidly in recent years with support from IFC
IFC has been a key partner for developing
the infrastructure sector in Senegal, financing the Dakar-Diamniadio toll
road and its current expansion to the new airport. IFC involvement in the
energy sector is extensive, involving projects that will provide 40 percent
of Senegal’s generating capacity by the end of 2016. A recent example
is the Tobene Independent Power Plant, which was inaugurated in March 2016
and is already supplying power to the equivalent of one and a half million
people in Senegal.
These experiences build confidence and
knowledge are the basis for more ambitious IFC investments.
IFC, a member of the World Bank Group,
is the largest global development institution focused on the private sector
in emerging markets. Working with more than 2,000 businesses worldwide,
we use our capital, expertise, and influence, to create opportunity where
it’s needed most. In FY15, our long-term investments in developing countries
rose to nearly $18 billion, helping the private sector play an essential
role in the global effort to end extreme poverty and boost shared prosperity.
For more information, visit www.ifc.org.