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Ouagadougou, June 9, 2017–Hans Peter Lankes, IFC Vice president for Economics and Private Sector Development, today concluded a visit to Burkina Faso, where he met the country’s highest authorities to discuss IFC’s portfolio in Burkina and opportunities to scale up its engagements in the country. He also had a working session with Burkina Faso’s Prime Minister and several members of the Cabinet on IFC’s strategy for Africa and Burkina Faso. The exchanges focused opportunities for increased collaboration between IFC and the Burkinabe government in Energy, Trade, Mining, Water, ICT and Transport. Lankes also met several IFC’s clients and other members of the business community.
Lankes said “Burkina Faso is an important market for IFC as stability returns and the new government looks to the private sector to lead economic growth. Burkina Faso a country where IFC seeks to play a major role with our World Bank Group and other partners to deliver new solutions that reduce the risk for the private sector and drive more investment activity. IFC’s portion of the new IDA Private Sector Window can support the country’s ambitious National Economic and Social Development Plan’ which is aligned with IFC priorities.”
IFC has been active in Burkina Faso since 1975 and has a portfolio of $100 million of investments in financial services, real estate, mining, agribusiness, energy and retail. While many investors were reluctant to engage during the recent political crisis, IFC increased its commitments to Burkina Faso, investing $200 million in multiple projects during the ensuing transition period. IFC supported SOFITEX, the national cotton producer, by co-financing the cotton campaigns. Over the last two years, IFC invested an additional $ 70 million. IFC now aims to scale up its investments substantially, targeting $800 million over the next five years in bankable projects to support to the PNDES.
In December 2016, the donor community committed a record $75 Billion to the International Development Association, which is dedicated to the poorest countries. One of the innovations in IDA 18 is the Private Sector Window, which will allow IFC and MIGA – the Multilateral Investment Guarantee Agency – to leverage $ 2.5 Billion of IDA’s capital to mobilize at least $6-8 billion in additional private sector investments in the poorest and most fragile markets, notably in Sub Saharan Africa.
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 markets and opportunities in the toughest areas of the world. In FY16, we delivered a record $19 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit
www.ifc.org
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