The International Finance Corporation (IFC) and the China-World Bank Partnership Facility has struck a deal that would increase cross-border business relationship with Africa.
The agreement which was struck at the 2018 Africa CEO Forum, will bring global financing and expertise to the continent to help build infrastructure, create jobs, and accelerate economic growth.
The African CEO Forum is an annual gathering of influential African and international CEOs, bankers, and investors.
IFC continues to provide advisory support to global clients to help them better understand and navigate African markets, and to African businesses to help them identify viable partners and worthy projects.
The China World Bank Partnership Facility (CWPF) is a trust fund that aims to enhance cooperation between China and the World Bank Group, and leverages financial and knowledge-based resources to help developing countries achieve inclusive and sustainable development.
Discussion at the meeting was centred on private sector development opportunities in Africa’s infrastructure, transport, health, education, and other sectors, among others.
For Africa Lead, Corporate Finance Services, IFC, Bola Bamidele, “Cross-border partnerships allow African businesses to gain access to global capital and technical expertise, creating synergies for successful, long-terme-mavate sector projects that also deliver substantial development impact. Over nearly six decades, IFC itself has invested more than $25 billion in African businesses and financial institutions, and our current portfolio exceeds $5 billion.”
Despite increasingly stronger regional economic growth and investment, Africa’s investment needs remain formidable. The World Bank estimates that more than $9 billion is needed annually to build the infrastructure Africa needs to sustain its growth. Only about half of that level is achieved each year. The gap is too great for governments to bear alone and underscores the importance of partnerships for development.
“IFC was key in structuring the cross-border partnership with my company Echo-Scan Diagnostic. Through this partnership two Egyptian power houses now share in my vision and invested in Echo-Scan, setting the ground for delivering much needed medical diagnostic services in my country”. IFC also participated in the transaction as a counterpart investor,” Echo Scan Services Limited, CEO, Dr. Benson, Ayodele Cole said.