The International Finance Corporation (IFC) committed USD 1.8 billion in new investments across Africa in the last fiscal year, its largest ever annual investment. The World Bank arm said the investments in 30 countries marked an increase from the USD 1.4 billion committed during the previous year to June as it worked to alleviate the impact of the global financial crisis on Africa's poorest regions. "IFC is increasing its activities where it is needed most, building a base for sustainable economic growth and increasing opportunities for people to improve their lives," IFC Director for Eastern and Southern Africa Jean Philippe Prosper said. He added that the quality of the IFC's Africa portfolio had improved despite the global economic crisis that has cut growth forecasts for the region to around 2 percent this year from the racy 5 percent-plus of the last five years.
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