Nairobi, Kenya, February 8, 2022 – IFC Managing Director Makhtar Diop has concluded a four-day visit to Kenya and Tanzania, where he confirmed to senior public and private sector partners that IFC will expand its commitments in East Africa—and across all of Africa—to support a stronger private sector, help build regional value chains, and speed economic recovery from COVID-19.
The visit was Diop's first to Kenya and Tanzania in his role as IFC Managing Director and focused on expanding IFC's support for sectors crucial to sustainable, inclusive growth, including healthcare, manufacturing, digital technology, housing, agribusiness, and renewable energy.
A major, crosscutting theme of his visit was how IFC can support African economies to build regional value chains and strengthen inter-African trade across all sectors. In 2021, IFC announced a $2 billion investment in small business and trade to galvanize Africa's recovery from COVID-19 and support jobs and business activity.
In Kenya, Diop met with HE President Uhuru Kenyatta to discuss the country's economic reform and growth agendas and how IFC can best support its vibrant private sector. In Tanzania, he met with HE President Samia Suluhu Hassan to discuss IFC's programs in the country, strengthening Tanzania's agriculture and manufacturing sectors, among others, and how to support women's economic empowerment.
"I was glad to be back in Kenya and Tanzania, countries that I know well, and to sit down with partners to discuss the good progress they are making toward a sound economic recovery, but also the big challenges that lie ahead. A renewed focus on strengthening trade, supply chains, and public-private dialogue will help the region achieve the inclusive growth that's needed. Africa is the fastest-growing region in IFC's portfolio, and we are committed to providing even more investment and advisory support during these critical times," Diop said.
During a meeting with government and private sector representatives from Kenya's health sector, Diop discussed IFC's support for helping build Kenya into a pharmaceutical production hub to alleviate reliance on imports and strengthen the country's—and the region's—response to COVID-19 and future health crises. Diop also sat down with leaders developing and funding affordable housing.
Diop also committed to working with musicians, designers, filmmakers, and other artists to explore how IFC can contribute to increased investment in Africa's dynamic, but often underfunded creative sector.
Kenya and Tanzania's growth both rebounded in 2021 from the COVID19-induced health and economic crisis of 2020. Kenya is expected to grow its GDP by 5 percent in 2022, though strong headwinds are affecting business and social development across East Africa, including low vaccination rates and reduced trade.
Diop's visit was, therefore, timed to help IFC focus its strategy on Kenya's and Tanzania's recovery priorities and to explore new areas of cooperation.
As of December 31, 2021, IFC's investment portfolio in Kenya was $1 billion. IFC's portfolio in Tanzania was close to $300 million.
IFC's Regional Vice President for Africa, Sérgio Pimenta, accompanied Diop during his engagements in both Kenya and Tanzania.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.
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