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IFC to Increase Activities to Promote Growth and Development in Zambia

Lusaka, Zambia, Tuesday 2 December 2008— Enhancing access to finance for smaller businesses, improving the business environment, developing infrastructure, and investing in key economic sectors such as agribusiness and tourism are high priorities for IFC as it strives to expand its development impact in Zambia, IFC Executive Vice President and CEO Lars Thunell told reporters today during his first visit to the country. IFC is a member of the World Bank Group.
The three-day visit highlighted IFC’s commitment to and well-established partnership with Zambia. Thunell is meeting with members of the private sector and key government officials, including President Rupiah Banda and Minister of Finance and National Planning Situmbeko Musokowane.
"Zambia’s private sector is playing an increasingly important role in promoting economic development and reducing poverty," Thunell said. “IFC is committed to supporting Zambia’s businesses by offering innovative products and services that meet the challenges in Zambia today.”
Since its first investment in Zambia in1999 and as of June 30, 2008, IFC has mobilized about $180 million in investments for Zambia’s economy in sectors such as agribusiness, mining, tourism, telecommunications infrastructure, and finance. IFC’s advisory services are also working closely with the government to improve the business environment and with businesses to more fully integrate small entrepreneurs into the country’s economy.
IFC’s strategy in Zambia focuses on helping improve the investment climate; promoting investment in power, telecommunications, and other infrastructure; helping diversify the economy by increasing the competitiveness of the manufacturing, services, and agribusiness sectors; and working with the financial sector to make it easier for businesses to access finance.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit .