Dar es Salaam, Tanzania, February 17,
2009—Strengthening the financial sector, helping smaller businesses
access finance, improving infrastructure, and investing in key sectors
such as agribusiness and tourism are high priorities for IFC as it increases
its development impact in Tanzania, IFC Executive Vice President and CEO
Lars Thunell told reporters today during his first official visit to the
country. IFC is a member of the World Bank Group.
The visit highlighted IFC’s commitment
to supporting private sector development in Tanzania with a combination
of investments and advisory services. Thunell met with key development
partners, donors, and government officials, including President Jakaya
Kikwete, Minister of Finance and Economic Affairs Mustafa Haidi Mkulo,
and Minister for Infrastructure Development Dr. Shukuru Kawambwa.
“The private sector is playing an increasingly
important role in creating jobs and reducing poverty in Tanzania,"
Thunell said. "IFC is committed to supporting Tanzania’s businesses
so they can grow and help build a vibrant and inclusive economy."
Since Tanzania became a member of IFC
in 1962, and as of June 2008, IFC has mobilized over $185 million in investments
for the country’s economy and offered a broad range of advisory services
to support the private sector. IFC’s strategy in Tanzania focuses on supporting
micro, small and medium enterprises through financial intermediaries, developing
infrastructure by providing long term finance for large projects, and investing
in agribusiness, tourism and other key economic sectors.
IFC’s recent transactions in Tanzania
include an approximate $3 million investment in AccessBank Tanzania, a
new microfinance institution, and $12 million in loans to Bakhresa Group
to support the Tanzania-based agribusiness company expand in Malawi and
Thunell’s visit to Tanzania reflects
IFC’s strategy to get closer to clients by bringing more senior dedicated
staff and resources to the region and creating two sub-regional hubs for
Africa. IFC recently inaugurated Nairobi, Kenya as its hub office for Eastern
and Southern Africa. A second hub in Dakar, Senegal, serves West and Central
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 $16.2 billion in fiscal 2008, a 34 percent increase over the previous
year. For more information, visit www.ifc.org.