IFC seeks ways to support private sector

Staff Writer | Tuesday November 14, 2017 16:11

IFC officials considered with business executives, government officials and regulators, development partners and civil society how they work together to better support Botswana’s national development objectives consistent with the World Bank Group’s country strategy.

Sectors covered during the presentations included financial markets, infrastructure, mining, manufacturing, agribusiness. IFC provides investment and advice to promote private investment. Saleem Karimjee, IFC Country Manager for Southern Africa, said: “The private sector is indispensable to development in emerging markets like Botswana, but requires commitment and strategic focus to take advantage of the opportunities. IFC provides financial capital, technical expertise, global experience, and innovative thinking to assist its partners overcome financial and operational challenges.”

The IFC says it can serve as a catalyst to spur private investment in markets like Botswana, and the World Bank Group is committed to helping attract private sector solutions. IFC works closely with the World Bank and MIGA to bring together tools and instruments that can reduce risk, create new markets, and encourage companies and investors to invest in new projects.

“A strong and engaged private sector is essential to boosting shared prosperity and ending extreme poverty,” said Xavier Furtado, the World Bank Country Representative to Botswana. “The purpose of today’s event is to explore and promote partnerships with private sector organisations that will enhance the World Bank Group’s support for Botswana’s stated national development priorities.”

IFC is the largest global development institution focussed on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, the organisation says it uses capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In the financial year 2017, the IFC says it delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity.