Conakry, May 6, 2013 – Jin-Yong
Cai, Executive Vice President and CEO of IFC, a member of the World Bank
Group, today met with Guinean President Alpha Condé to discuss ways to
strengthen private sector participation in Guinea’s development strategy,
including in the infrastructure and mining sectors.
“The private sector has an essential
role to play in Guinea’s economic development—by helping build roads
and power stations and develop the country’s natural resources,” Cai
said. “IFC is well positioned to help Guinea establish an enabling environment
for private companies and ensure that private investment creates jobs.”
Monday’s meeting included discussion
of the Simandou iron-ore project, as well as linkages programs that support
local suppliers to the mining sector.
Cai was accompanied by Jean Philippe
Prosper, IFC Vice President for Sub-Saharan Africa and Latin America and
the Caribbean; Yolande Duhem, Regional Director for West and Central Africa;
and Mary-Jean Moyo, IFC Country Manager for Ghana, Benin, Guinea, Niger,
IFC’s strategy in Guinea focuses on
five themes: improving the investment climate; building access to finance
and capacity for micro, small, and medium enterprises, primarily through
support to financial-sector partners, such as banks; sustainable development
of the mining sector; development of power, transport, and utilities as
a basis for growth; and boosting agribusiness and food security.
IFC’s outstanding portfolio in Guinea
is $162.6 million. IFC has provided accumulated commitments of $229.7 million
Guinea is one of eight countries supported
by IFC’s Conflict Affected States in Africa Initiative (CASA), which is
helping speed private sector growth, job creation, and increased investment
in countries recovering from conflict. CASA is backed by donor partners
Ireland, the Netherlands, and Norway.
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, mobilizing capital in international financial
markets, and providing advisory services to businesses and governments.
In FY12, our investments reached an all-time high of more than $20 billion,
leveraging the power of the private sector to create jobs, spark innovation,
and tackle the world’s most pressing development challenges. For more
information, visit www.ifc.org.