IFC Plans USD2B Africa Investments

The International Finance Corp. expects its investment in Africa to reach USD2 billion in fiscal year 2009-2010, The Post Online reports. But Lars Thunnell, chief executive of the World Bank’s private sector lending arm, hopes for a much bigger spending.

“In the June 2009/10 year, we will grow over USD2 billion,” Thunnell said. “We are hoping that we will also mobilise more funds. In total, we will do about USD2.5 billion.”

World Bank President Robert Zoellick, according to the Post, earlier said IFC is about to launch a USD500 million fund for developing economies and the USD200 million Africa Capitalization Fund.

About the author

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    Eliza Villarino

    Eliza Villarino is an associate editor for Devex and leads the company's news team in Manila. She played a critical role in conceptualizing the Development Newswire. Prior to joining Devex in 2004, she has already published articles and news briefs for Internet media organizations and for the Institute for Ethics and Economic Policy at Fordham University in New York. She earned her bachelor's in political science and master's in public affairs from the University of the Philippines. Eliza is a member of Mensa Philippines.