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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, and Togo.
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 since 1983.
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.
About IFC
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
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