New blood at the IFC for a better impact in Africa

The International Finance Corporation intends to deepen the impact of its strategy for the North Africa region. She has been named a new regional manager for this area. Cheick-Oumar Sylla will have to help deepen the impact of the institution’s investments in order to help the region develop more capital and create the jobs it needs to develop.

The International Finance Corporation (IFC) has appointed a new regional director for North Africa. This is Cheick-Oumar Sylla who has more than 30 years of experience in the fields of investment and international development to his credit, particularly in Africa and the Middle East. Sylla will therefore lead IFC’s strategy in the region. This is driven by support for private sector growth and job creation across the region. Prior to taking up his new role, Sylla served as IFC’s Country Representative for the Horn of Africa (Ethiopia, Eritrea, Djibouti, Sudan and South Sudan), where he helped strengthen operations and impact of IFC in the region, especially during the Covid-19 pandemic. “North Africa is a dynamic region that relies on private sector solutions, but also faces many challenges,” said Sérgio Pimenta, IFC Regional Vice President for Africa.

The new regional director has helped deepen IFC’s impact in North Africa to help the region develop more investment and create the jobs it needs to grow. It should be recalled that IFC’s portfolio (investments and advisory services) in the region currently amounts to 1.58 billion dollars. The World Bank’s finance arm for the private sector continues to expand its activities in key areas for growth, including climate finance, health and gender equality. IFC’s strategy is articulated around a single objective: to help the countries of the region to develop their private sector. The institution thus invests in companies in the form of loans, equity investments, debt securities and guarantees.

Similarly, the institution raises capital from other funding sources and investors, including in the form of loan participations or parallel loans. It also mobilizes technical assistance for companies and public authorities in order to encourage private investment and improve the investment climate. In Morocco, the IFC has been gaining momentum since 2020, when it invested $251 million. For 2021, the organization was to close this fiscal year with $440 million in commitments. Finally for this year, the IFC expects the mobilization of 500 million dollars.

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