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IFC EVP and CEO Philippe Le Houerou Higlights Private Sector as Engine of Growth and Commits to Increased Activity in Africa


In Dakar:
Zibu Sibanda
Phone: +221-777-400-238
Email: zsibanda@ifc.org

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 more jobs."

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.

About IFC
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.

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