Accra, June 6, 2006
—The International Finance Corporation formally launched its Ghana Leasing Program on June 6. At the event, Taba Cookey, Program Manager, said that the aim of the program was to enhance the role of leasing as an alternative financing mechanism for businesses in Ghana. “IFC is looking forward to drawing on the experience of our successful leasing development programs in other countries,” she said. “We will work closely with stakeholders in the industry to design a program that addresses the specific needs of the Ghanaian market.”
Ms. Cookey explained that IFC is one of the biggest investors in the financial markets of developing countries and a recognized leader in developing leasing worldwide through its investment and technical assistance offerings. Its has invested over $1 billion in 103 equipment leasing companies in 58 countries and has advised on leasing legislation in over 50 countries.
The Ghana Leasing Program is being sponsored by the Swiss government through SECO, the Swiss Secretariat for Economic Affairs. “We are delighted to contribute to the diversification of Ghana’s financial sector and to strengthen our partnership with IFC by supporting this program,” said Philippe Sas, Economic Counsellor at the Swiss Embassy and SECO’s representative in Ghana. Mr. Sas pointed out that Swiss-IFC technical assistance cooperation in Ghana also includes a mortgage development program.
The launch took place during the 10th African Leasing Association Convention and Training, held in Accra on June 5-9. IFC is the lead sponsor of this event, which has brought together an impressive turnout of leasing practitioners from Africa and beyond.
The International Finance Corporation is headquartered in Washington, D.C. IFC coordinates its activities with the other institutions of the World Bank Group but is legally and financially independent. Its 178 member countries provide its share capital and collectively determine its policies.
The mission of IFC is to promote sustainable private sector investment in developing and transition countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through FY05, IFC has committed more than $49 billion of its own funds and arranged $24 billion in syndications for 3,319 companies in 140 developing countries. IFC’s worldwide committed portfolio as of FY05 was $19.3 billion for its own account and $5.3 billion held for participants in loan syndications. For more information, visit
www.ifc.org
.
