Monrovia, Liberia, November 23, 2009—
IFC, a member of the World Bank Group, today affirmed its commitment to
expanding activities in Liberia to contribute to the country’s development
through the private sector.
IFC Vice President for Sub-Saharan Africa,
Thierry Tanoh, discussed IFC’s continued support and its own efforts to
raise additional capital that would allow it to do even more in Liberia
during meetings with H.E. President Ellen Johnson-Sirleaf and other government
officials, the diplomatic community and private sector businesspeople.
IFC is working to maintain a unified
approach in the development of Liberia’s private sector. In partnership
with the World Bank and the African Development Bank, IFC is supporting
a Joint Assistance Strategy to ensure that efforts of World Bank Group
and other partners are well coordinated and relevant based on development
needs and government priorities. At the same time, IFC is working closely
with members of the private sector to promote public-private dialogue on
reform that encourages more investment in the country.
“Increased cooperation among private
sector, government and financial institutions is helping Liberia effectively
promote itself as a preferred investment destination,” said Tanoh during
a two-day visit to the country. “The reforms Liberia has made over the
past year alone in improving the investment climate speak for themselves
as to the importance of public-private cooperation in conflict-affected
Liberia was one of the four newcomers
among the global top ten reformers in this year’s joint IFC-World Bank
Doing Business 2010 report which ranks 183 economies around the world based
on the ease of doing business. It jumped up 10 places to 149.
IFC is the only international financial
institution focused exclusively on the private sector, the engine of sustainable
development in emerging markets. It is currently seeking a capital increase
to strengthen its ability to create opportunity for the poor in developing
countries, including for those in conflicted-affected countries, such as
Years of conflict have destroyed Liberia’s
infrastructure and exacerbated poverty. IFC Advisory Services in Africa
is working in Liberia to improve the investment climate, support small
businesses and in the development of an important tree crop sector. IFC’s
Conflict Affected States in Africa initiative, a five-year program launched
in 2008, is also helping design and implement integrated strategies specially
targeted to support economic recovery in conflict-affected countries.
At the end of Fiscal Year ending June
2009, IFC made new commitments worth approximately $13 million in the country.
This includes a $10 million investment to Salala Rubber, a $1.1 million
investment to AccessBank Liberia and a $2 million Trade Finance line to
Liberian Bank for Development and Investment.
IFC, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totaled $14.5 billion in fiscal 2009, helping channel capital into developing
countries during the financial crisis. For more information, visit www.ifc.org.