Abidjan, Côte d’Ivoire, May 17, 2013 –
IFC, a member of the World Bank Group, today signed an agreement to work with the Government of Côte d’Ivoire to support simplified business regulations that will improve the country’s investment climate, strengthen its private sector, and contribute to economic growth.
Jean Philippe Prosper signed on behalf of IFC during his first visit to Côte d’Ivoire as IFC’s regional Vice President. Prosper met with senior government officials, including Prime Minister and Minister of Finance, Daniel Kablan Duncan, and pledged to expand IFC’s investments and advisory services support in the country.
Prosper, IFC Vice President for Sub-Saharan Africa, Latin America and the Caribbean, said, “Côte d’Ivoire is one of West Africa’s most important economies, and this new agreement will support its strategy to introduce a simpler and more transparent business legal and regulatory framework. IFC is committed to working with the Government and private sector partners to support key sectors, including infrastructure, agribusiness, and smaller businesses.”
IFC re-engaged in Côte d’Ivoire quickly after its 2010-1011 political crisis, and has since made investments close to $200 million in the country’s agribusiness, financial, and infrastructure sectors.
IFC’s support for the expansion of the Azito thermal power plant to 427 MW is helping improve access to electricity in the country.
IFC’s Advisory Services teams are helping strengthen smaller businesses in Côte d’Ivoire with leasing and business management training programs.
IFC is working with the Government to simplify tax, licensing and inspection regulations that often increase the cost of business.
Côte d’Ivoire is also one of eight countries supported by IFC’s Conflict Affected States in Africa Initiative, which is supporting private sector growth, job creation, and increased investment in countries recovering from conflict. CASA is backed by donor partners Ireland, the Netherlands, and Norway.
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