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IFC Committed to Growth and Development in Mali through Support for Private Business

Bamako, Mali, December 17, 2008 —IFC, a member of the World Bank Group, is looking to increase its development impact in Mali by supporting an improved investment climate, developing programs in education and tourism and seeking investment opportunities in financial institutions, manufacturing, mining and tourism, IFC Vice President Thierry Tanoh told reporters today during his first visit to the country in this capacity.
Tanoh was accompanied by IFC’s new Director for Western and Central Africa Yolande Duhem. They met with businesspeople and key government officials, including President of Mali, Amadou Toumani Toure to discuss investment and advisory services opportunities in tourism, education, manufacturing, mining and the financial sectors.
“The private sector will play an increasingly important role in creating jobs and reducing poverty in Mali," Tanoh said. "IFC will work with the government of Mali to help create a business environment more suitable for private sector investment to help build a vibrant and inclusive economy."
Since it began working in Mali IFC has mobilized about $134 million in investments.
IFC’s investment portfolio in the country stands at nearly $7 million, including gold mining company SEMOS, and loans to Hotel Salam, and Graphique Industrie.
IFC’s strategy in Mali includes expanding the Support and Training Entrepreneurship Program and the recently approved joint IDA-IFC Country Assistance Strategy. The country ranked 166 out of 181 countries in the IFC-World Bank Doing Business 2009 report which ranks countries based on the ease of doing business in the country and could benefit greatly from an improved business climate to attract more private sector investment.
Mali was the second stopover on Tanoh’s four country tour to West Africa which includes visits to Niger, Togo and Cote d’Ivoire to discuss how IFC advisory services and investment can have the greatest impact on the future of those economies.
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 .