IFC Executive Vice President and CEO Lars Thunell recently visited Tanzania, highlighting IFC’s commitment to promoting the country’s private sector and supporting its economic development.
IFC has rapidly been increasing its activities in Tanzania and throughout East Africa in recent years. Since Tanzania became a member of IFC in 1962, and as of June 2008, IFC has mobilized over $185 million in investments for the country’s economy and offered a broad range of advisory services to support the private sector. About $60 million of IFC’s total investments in the country were made in the last fiscal year alone.
“We can and want to do more to support Tanzania’s economic development,” Thunell said during a press conference at the end of his trip. “Our ambition here is to increase our presence.”
IFC’s strategy in Tanzania focuses on:
- Strengthening the financial sector
- Enhancing access to finance for small and medium enterprises. IFC looks to forge partnerships with local banks to foster joint ventures aimed at supporting smaller businesses with local currency financing and developing financial products tailored to smaller businesses
- Supporting private infrastructure projects, especially in transport and power, through investments and advisory services
- Investing in key economic sectors, such as agribusiness and tourism
IFC’s recent transactions in Tanzania include an approximate $3 million investment in AccessBank Tanzania, a new microfinance institution, and $12 million in loans to Bakhresa Group to support the Tanzania-based agribusiness company expand in Malawi and Mozambique.
Thunell’s visit to Tanzania reflects IFC’s strategy to get closer to clients by bringing more senior dedicated staff and resources to the region and creating two sub-regional hubs for Africa. IFC recently inaugurated Nairobi, Kenya as its hub office for Eastern and Southern Africa. A second hub in Dakar, Senegal, serves West and Central Africa.
For more information contact:
Houtan Bassiri
Communications Officer
Johannesburg, South Africa
Tel: +27 11 731 3179
Email: hbassiri@ifc.org
