IFC has committed $3.6bn in new long-term financing and mobilizations in Sub-Saharan Africa during its 2015 fiscal year, a 20% increase from $3bn committed in the previous year.

Oumar Seydi, IFC Director for Eastern and Southern Africa, said: “IFC’s expanding investments in Africa in 2015 are a reflection of the investment opportunities and our ability to target key sectors critical for African development.”

“IFC supports projects that help nurture entrepreneurs and small businesses and reach projects in Sub-Saharan Africa’s critical sectors, including infrastructure and agribusiness,” he said.

IFC’s strategy in Africa aims to help bridge the region’s infrastructure gap, build productive industries, and lead inclusive business approaches through financing for private companies and advice to the private sector and governments.

Private sector projects expanding infrastructure through power, transport, and utilities received $1.1bn in new financing from IFC this fiscal year.

Through investments such as Scaling Solar initiative, IFC is creating a new market for solar power in Sub-Saharan Africa.

IFC InfraVentures, the IFC global infrastructure project development fund, committed to develop two renewable energy power projects in Mali.

Four new public-private partnership mandates were signed, which will help improve healthcare in Mozambique and boost power generation in Ghana, Tanzania and the Democratic Republic of Congo.

IFC provided wide-ranging advice to governments and private investors in projects across 30 countries.

IFC committed $246m in Sub-Saharan Africa’s fragile and conflict affected situations, supporting projects in finance, mining, infrastructure, and smaller businesses.

That included more than $80m in new investment commitments to companies and financial institutions in Guinea, Liberia and Sierra Leone as part of a $450m, 3-year target to step up new investments that respond to Ebola and support economic recovery in countries worst-affected by the epidemic.

IFC invested $1.2bn, including capital mobilized from partners, in the financial sector in Africa.
IFC’s investments in banks and financial institutions helped provide loans to entrepreneurs.

Meanwhile, IFC provided more than $500m to encourage key industries, including agribusiness and healthcare.

Vera Songwe, IFC’s Director for West and Central Africa, said: “IFC aims to help further leverage the private sector to meet critical needs, especially access to power and other infrastructure. Our work with financial institutions is helping entrepreneurs and empowering woman-owned businesses across the continent.”

“IFC seeks to have a strong developmental impact in the region, especially in fragile states, where private sector development is challenging but critical for growth,” she said.