Kigali, Rwanda, April 1, 2010—
IFC Vice President and Treasurer Nina Shapiro today visited Rwanda, where
she met with public and private sector officials to discuss ways for IFC
to deepen its investment and advisory support for the country’s growing
private sector. IFC is a member of the World Bank Group.
Shapiro discussed IFC’s activities
in the country and the potential for future partnerships to help Rwanda
achieve its development goals at meetings with private sector partners
and senior government officials, including Minister of Finance and Economic
Planning John Rwangombwa and Governor of the National Bank of Rwanda François
Shapiro said, “IFC will increase its
investment and advisory programs in Rwanda to support the country’s impressive
efforts in sustainable economic growth. Innovative financing structures
like the swap agreement IFC recently signed with Rwanda’s central bank
help IFC provide local currency to clients who don't need foreign exchange
or find it too risky. Such efforts strengthen our partnership with Rwanda’s
government and private sector.”
In December, IFC signed an agreement
with Rwanda’s central bank enabling IFC to provide local currency loans
to support growth of the country’s private sector. Since no banks in Rwanda
can currently provide such long-term swaps, the National Bank of Rwanda
will provide IFC with local currency through swaps, until a commercial
swap market develops.
Shapiro’s visit comes after Rwanda
was named the world’s top business reformer in the most recent Doing Business
publication, a joint report of IFC and the World Bank that provides objective
measures of business regulations and their enforcement across 183 economies.
The World Bank Group is supporting Rwanda’s
efforts to reform business laws to make it easier for businesses to operate,
including by reducing licensing requirements and easing trading procedures.
IFC’s strategy in Rwanda focuses on
three pillars: working with the government to improve the country’s investment
climate; helping build the capacity of micro, small, and medium enterprises;
and supporting development of projects with high impact in the financial,
tourism, agribusiness, and infrastructure sectors.
IFC is the only international financial
institution focused exclusively on the private sector, the engine of sustainable
development in emerging markets. Along with IBRD, it is currently seeking
a capital increase to strengthen its ability to create opportunity for
the poor in developing countries -- including by supporting private sector
growth in Rwanda.
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 $14.4
billion in fiscal 2009, helping channel capital into developing countries
during the financial crisis. For more information, visit www.ifc.org.