WASHINGTON, D.C., Sept. 21—The International Finance Corporation (IFC) today launched the Africa Business Network (ABN), an internet-based website oriented towards the needs of international investors and African entrepreneurs. ABN was created to increase information access for African businesses, promote Africa as an investment destination, and improve networking within the African business community.
ABN, which is available in both English and French, brings together useful business information from IFC, the World Bank Group, and private and public sector partners. For the international investor, ABN provides details on government and business contacts, investment codes, privatization, and consulting services. The African entrepreneurs can use ABN to gain valuable information on formulating business plans, creating market and feasibility studies, and developing bankable investment projects.
In addition to providing economic and business background information, ABN covers advisory services, technical assistance, and financing resources including debt and equity financing, guarantees, and risk management facilities. Users can even apply online for IFC financing. "Hot links" connect users to local newspapers, publications, and other websites for up-to-date information on current events.
For those without access to the internet, ABN will be available at all IFC offices and various private and public institutions such as chambers of commerce, investment promotion centers, or business associations. ABN will also be available through CD-ROMs.
"ABN aims to link the international investor and the African entrepreneur to the most valuable business information on Africa," said Jemal-ud-din Kassum, Vice President, Investment Operations, IFC. "Utilizing the internet, ABN will facilitate partnerships to develop projects in Africa and directly assist businesses achieve and maintain competitive and self-sustaining levels of operations."
"We expect ABN to be a one-stop shop for business information on Africa through its original content and tight links with other key websites," said Cesare Calari, Director of IFC’s Sub-Saharan Africa Department. "It is an important tool in our strategy to stimulate private investment in Africa, to extend IFC’s reach to small- and medium-sized enterprises, and to promote closer client cooperation."
For further information on the site or other useful IFC internet sites, please contact the Africa Webmaster at abn@ifc.org.
IFC has been active in Africa since 1960 and has provided financing and advisory services for a range of projects including infrastructure, capital markets, agribusiness, and small start-up ventures. Since then IFC has approved nearly $4 billion in financing for 632 projects costing about $15 billion. In fiscal year 1997 IFC approved $384 million for 72 projects in Africa.
IFC, a member of the World Bank Group, is the largest multilateral source of equity and loan financing for private sector projects in developing countries.
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