Washington DC, 14 October 2023 (TDI): In a commendable effort to foster economic growth in the African Small States, the International Finance Corporation (IFC) has demonstrated unwavering dedication by committing close to $900 million since the year 2019.

The focus has been on empowering the private sector to lead the charge towards a prosperous future. Sergio Pimenta, Vice President of IFC, and a distinguished member of the World Bank highlighted the organization’s remarkable commitment to these nations.

Through innovative financial tools and strategic approaches, IFC has significantly elevated its support for trade, financing for Micro, Small, and Medium Enterprises (MSMEs), and the pivotal digitalization efforts essential for contemporary economic development.

The infusion of nearly $900 million by the IFC since 2019 into African Small States represents a substantial investment in their economic resilience.

This funding has acted as a catalyst, propelling private sector-led growth and stimulating economic activity. The private sector has emerged as a key driver, creating jobs and fostering entrepreneurship within these nations.

Sergio Pimenta emphasized the importance of focusing on trade as a critical component of economic development.

By boosting trade activities and facilitating smoother trade routes, IFC has played a crucial role in expanding market access for businesses within these Small States.

This widened market access has not only spurred growth but has also encouraged international collaborations, creating a ripple effect of economic opportunities.

Furthermore, the commitment to financing MSMEs has been a cornerstone of IFC’s strategy. By providing tailored financial solutions and support to MSMEs, IFC has empowered the backbone of the economy.

These enterprises play a pivotal role in job creation and sustainable economic growth, and IFC’s support has been instrumental in propelling them forward.

Read also: Sub-Saharan Africa’s debt levels stabilize at 60%

Digitalization, another integral aspect of IFC’s approach, has been a game-changer for African Small States. Leveraging technological advancements, IFC has facilitated the transition towards a digital economy.

By equipping businesses with the tools and knowledge needed to thrive in the digital realm, IFC has been at the forefront of shaping a modern and competitive business landscape.

Sergio Pimenta, with his extensive experience and leadership, has been instrumental in steering IFC towards these impactful initiatives.

His vision and dedication have furthered the organization’s mission of creating lasting positive change in the communities they serve.

Under his guidance, IFC’s commitment to African Small States has reached new heights, solidifying its position as a valuable partner in the region’s economic advancement.

In conclusion, the International Finance Corporation’s commitment of nearly $900 million since 2019 to support private sector-led growth in African Small States stands as a testament to their dedication.

Through innovative tools and strategic investments in trade, MSME financing, and digitalization, IFC has played a vital role in propelling these nations towards economic prosperity.

With Sergio Pimenta’s leadership, IFC continues to make a significant impact, ensuring a brighter and more prosperous future for the African Small States.