International financial institution the International Finance Corporation (IFC), a member of the World Bank group, provided billions of dollars in new financing, was involved in investment mobilisation and delivered wide-ranging advisory services in sub-Saharan Africa during its most recent fiscal year.

IFC’s activities impacted on 1.1-million farmers, provided $17-billion in financing to entrepreneurs, delivered health services to one-million patients and improved the quality of education for 117 000 students in Africa.

In coordination with other World Bank group institutions, the IFC’s work in sub-Saharan Africa supported agriculture and power, job creation, health, education and capi- tal markets.

The IFC made new investments in 31 countries in sub-Saharan Africa during its 2014 fiscal year, totalling $4.6-billion. In partnership with international financial insti-tution the Multilateral Investment Guarantee Agency, the IFC mobilised an additional $343-million to finance the private sector.

It also provided more than $4-million in new investments for the continent’s lowest-income economies. New IFC commitments will provide $800-million for countries affected by recent conflicts, including Côte d’Ivoire, the
Democratic Republic of Congo and Mali.

Drawing on support from the World Bank group, African governments enacted over 70 reforms to improve business regulation. The impact of these reforms include private-sector cost savings of $25.5-million in Ethiopia, thanks to more efficient import and export clearing procedures, and an additional $106-million in investment by new businesses in Rwanda, generating 29 000 jobs.

The World Bank group also supported the modernisation of the Uniform Act on Companies, which led to more than 20 reforms of the investment climate among the 17 member countries of the Organisation for the Harmonisation of Business Law in Africa.

IFC advisory services spending reached $64-million, with projects active in 30 countries. Four new public–private partnership mandates were also signed to improve access to power, water and roads.

“Continued high levels of activity in sub-Saharan Africa reflect our support to private- sector clients as they drive local economies forward. As part of the World Bank group, the IFC strives to deliver investments, knowledge and solutions based on global best practices, which, in turn, improves business and living standards in Africa,” says IFC director for Eastern and Southern Africa Oumar Seydi.

IFC director for West and Central Africa Saran Kebet-Koulibaly says that the IFC’s strong focus on Africa is helping countries to develop critical infrastructure to support their development and improve lives, adopt policies to increase trade and investment across the continent, and improve the skills of the workforce, thereby laying strong operating foundations for Africa's emerging and dynamic private sector.

IFC activities supported domestic capital markets while enhancing the value of its invest- ments in commercial clients and helping the Rwandan government develop the domestic bond market with its debut Umuganda bond, which is targeted at capital market develop-ment with support from the National Bank of Rwanda, the Capital Markets Authority, the Ministry of Finance and domestic investors, after lending support that led to the successful issue of Rwanda’s first sovereign euro bond.