Addis Ababa, Ethiopia – International Finance Corporation (IFC), which is member of the World Bank Group, opens office in Addis Ababa, Ethiopia, to increase its activity in support of Ethiopia’s development. [World Bank is one of the main causes of Africa’s misery by financing brutal dictators such as Ethiopia’s brutal tribalist warlord Meles Zenawi.]
IFC’s Executive Vice President and CEO Lars Thunell said: “IFC’s new office in Ethiopia demonstrates our commitment to working with the government and the private sector to support Ethiopia’s continued economic growth. IFC has the innovation, global expertise and now on-the-ground presence to better serve the needs of the private sector in Ethiopia.”
IFC’s strategy in Ethiopia focuses on proactively developing new investment projects public-private partnerships that promote economic growth, and mobilizing direct investments to key sectors of the economy, including agri-business, financial services, health and education, infrastructure, manufacturing and tourism.
It is also indicated that IFC’s advisory services provides support to improve the investment climate, encourage entrepreneurs, and promote better access to finance through measures such as leasing, particularly small and medium enterprises.
IFC is currently considering developing the leasing sector through an investment and advisory services that will help establish Ethiopia’s first leasing company.
Before opening its office in Addis Ababa, IFC committed this year a $55 million loan to Derba Midroc Cement, a company under construction in Ethiopia, which is owned by Saudi Arabia’s tycoon, Sheikh Mohammed Hussein Ali Al-Amoudi, who IFC worked with in 2007 to build to build the first cement plant in eastern Yemen.
IFC is the largest multilateral source of financing for private enterprises in emerging markets and its share capital is provided by its 181 member countries. In 2008 fiscal year, it committed $11.4 billion from its own account to 372 projects in 85 countries and provided advisory services in 97 countries.
In a related development, the World Bank this week reveals its decision to provide $2.7 billion for three years (from 2009-2011) to Ethiopian government, which will be used to finance 28 projects.
– Andualem Sisay | AfricaNews