Cape Town, South Africa, February 7,
2011 – IFC, a member of the World Bank Group, today announced it plans
to invest $300 million in mining companies operating in Africa over the
next three years to help support growth in the mining sector, a major source
of employment, revenue, and skills transfer for countries across the continent..
Last year, IFC’s portfolio of mining
clients helped spur economic growth throughout the developing world by
providing over 50,000 jobs, paying over $1 billion in government revenues,
spending over $3 billion on local goods and services, and investing over
$150 million on community development programs.
Andrew Gunther, Senior Manager, IFC
Infrastructure and Natural Resources in African and Latin America, said,
“Mining is a critically important yet challenging sector and IFC has a
role to play in supporting responsible companies that will bring jobs,
related infrastructure and government revenues to Africa.”
IFC offers mining clients in developing
countries a broad range of financial and advisory services throughout the
mining life cycle. In Africa, IFC will increase the amount of seed financing
it provides to exploration-stage companies through its early equity mining
IFC is also looking to support mid-tier
mining companies by participating in project and corporate financing partnerships
that will support mining development and expansion. IFC will continue
to work with mining majors to develop large projects with the potential
to transform regional economies.
IFC is expanding its work in Advisory
Services that focus on the mining sector. IFC provides supply chain SME
capacity building, and new programs aim to help the industry to use resources
more efficiently with less impact on the environment. IFC Advisory Services
will also support community engagement so that local communities can benefit
more from mining activities.
IFC’s global mining portfolio spans
37 countries, of which 17 are in Africa, and totals more than $400 million.
Its recent mining investments in Africa include: Gryphon Minerals and Volta
Resources in Burkina Faso; Helio Resource and Petra Diamonds in the United
Republic of Tanzania; Nyota Minerals in Ethiopia; and Tsodilo Resources
in Botswana. IFC also recently invested in the Africa focused New
Africa Mining Fund II to help provide funding for junior mining companies.
IFC, a member of the World Bank Group,
is the largest global development institution focused on the private sector
in developing countries. We create opportunity for people to escape poverty
and improve their lives. We do so by providing financing to help businesses
employ more people and supply essential services, by mobilizing capital
from others, and by delivering advisory services to ensure sustainable
development. In a time of global economic uncertainty, our new investments
climbed to a record $18 billion in fiscal 2010. For more information, visit