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July 6, 2016, Beijing—IFC, a member of the World Bank Group, and Yichang Municipal Government signed a Memorandum of Understanding today to implement public-private partnerships that will help drive Yichang’s economy and provide essential public services.
The partnership will focus on projects that improve lives—such as healthcare, transportation, the environment, and sanitation. Under the terms of the MOU, Yichang and IFC will collaborate to identify suitable private sector partners, structure projects, and carry out capacity-building activities.
“This partnership, IFC’s first PPP infrastructure advisory with a municipality in China, will support growth in Yichang by helping businesses improve their productivity and tap new markets,” said Philippe Le Houérou, IFC Executive Vice President and CEO. “IFC looks forward to working with China to further develop its PPP framework in line with its needs.”
PPPs have become an important tool that can help governments worldwide facing fiscal challenges to draw on the strengths of the private sector to drive economic growth.
“Increased private sector participation in public services sectors is a cornerstone for local economic development and job creation”, said Mr. Huang Liming, Deputy Mayor of Yichang. “We are pleased to work with IFC, a multilateral with rich global expertise, to find the best PPP solutions for Yichang.”
Over almost 30 years, IFC has worked on more than 360 PPP transactions worldwide in over 100 countries, many in challenging regions or countries that have difficulty in attracting investors. In the last decade, IFC’s PPP Transaction Advisory team has mobilized nearly $20 billion of private investment in infrastructure and helped governments improve basic services such as power, transportation, health, water, and sanitation.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence, to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
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