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IFC Asserts Continued Support for Chad’s Private Sector


Paris
Anne Davis Gillet

Press Relations, Chad

Phone : +(33) 1 40 69 33 81

Email :
adavis@worldbank.org




Washington, DC

Hannfried Von Hindenburg

Phone: +1(202) 458 5613

Email:
Hvonhindenburg@ifc.org

N’djamena, March 22, 2005— Today, Mr. Assaad Jabre, acting executive vice president of the International Finance Corporation, the private sector arm of the World Bank Group, concluded a three-day visit to Chad, where he met with government and local private sector representatives, nongovernmental organizations, and IFC clients to discuss IFC’s support of private sector development in the country.


Mr. Jabre had the opportunity to meet with the President of Chad, Mr. Idriss Déby; the Prime Minister, Mr. Pascal Yoadimnadji; and many other government officials to discuss economic and social developmental priorities for the country and reassert IFC’s support for private sector development.


He also met with the country’s financial institutions and the private sector community to discuss the business environment and prospects for improved private sector development.


Mr. Jabre visited the Chamber of Commerce of Chad and inaugurated the Enterprise Development Center, which had received a grant of $111,000 to build the capacity of entrepreneurs in micro, small, and medium businesses in the country.


Chad’s private sector is still underdeveloped.  It comprises less than 400 small and medium enterprises and a multitude of small informal units focused on agro-industry, building materials, and public works.  Modern manufacturing activity is embryonic and dominated by a limited number of public and some private enterprises whose activities are concentrated in cotton processing and sugar cane.  The skills levels and capacity of small businesses to perform better and become more competitive in the country’s nascent oil economy remain low.


IFC’s strategic priorities for Chad include an active pursuit of direct investments targeting sectors such as infrastructure, financial markets, general manufacturing, agribusiness, and improving the business environment, particularly for micro, small, and medium enterprises.


In FY04, IFC committed 25 projects in 12 countries in the Sub-Saharan Africa region for a total amount of $407 million. IFC’s committed portfolio for Chad was over $14 million as of June 30, 2004.


The mission of IFC (
www.ifc.org) is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through FY04, IFC has committed more than $44 billion of its own funds and arranged $23 billion in syndications for 3,143 companies in 140 developing countries. IFC’s worldwide committed portfolio as of FY04 was $17.9 billion for its own account and $5.5 billion held for participants in loan syndications.

For more information, please contact one of the following:
N'Djamena, Chad-IFC
                Douala, Cameroon-IFC

Cheick Kante                                Cheikh Oumar Seydi                                                                                          Program Coordinator                        Country Manager

Phone : +1(235)-52 32 47                Phone : +1(237)-343 8033

Email :
ckante@ifc.org                        Email: oseydi@ifc.org