IFC has officially opened an office in Addis Ababa, highlighting our commitment to promoting Ethiopia's private sector and supporting the country's economic development.
The new office comes on the heels of IFC’s first investment in Ethiopia in nearly two decades. In June, IFC committed a $55 million loan to Derba Midroc Cement, IFC's largest investment in the country to date and the first since 1989.
The $55 million loan, part of a $200 million debt financing package from international financial institutions and a local bank, will help the company build a new plant that will address Ethiopia's cement shortage. The project is forecast to directly create 500 new jobs and generate up to 10,000 more as additional construction projects emerge using locally-produced cement.
IFC Executive Vice President and CEO Lars Thunell was recently in Ethiopia, where he met with key government officials, including the country's prime minister, finance minister, and central bank governor. He also met other development partners and donors to see how IFC can further increase its activities in the country.
“IFC’s new office in Ethiopia demonstrates our commitment to working with both the government and the private sector to support Ethiopia's continued economic growth,” Thunell said during the inauguration of the new office. “IFC has the innovation, global expertise, and scale to meet the needs and challenges of doing business in Ethiopia.”
LEASING SECTOR
IFC is also considering developing Ethiopia’s leasing sector through an investment and advisory services that will help establish the country’s first leasing company. The new company will be the culmination of IFC’s work with Ethiopia’s government to help draft a new legal framework for leasing in the country, which started almost a decade ago.
IFC’s strategy in Ethiopia focuses on proactively developing new investment projects, supporting public-private partnerships that promote economic growth, and mobilizing direct investments to key sectors of the economy, including agribusiness, financial services, health and education, infrastructure, manufacturing, and tourism.
IFC’s advisory services provide support to improve the investment climate, encourage entrepreneurs, and promote better access to finance through measures such as leasing.
For more information contact:
Houtan Bassiri
Communications Officer
Johannesburg, South Africa
Tel: +27 11 731 3179
Email: hbassiri@ifc.org
