Reflecting IFC's priority to increase activities in the world's smallest and poorest countries and poorest regions, Sao Tome and Principe in October became the 180th member country of the Corporation.
The occasion was marked by ceremony attended by Angela Maria da Graca Viegas Santiago, Sao Tome and Principe's Minister of Planning and Finance, and IFC Executive Vice President and CEO Lars Thunell.
Member countries provide IFC’s share capital and collectively determine its policies. IFC’s strategy in Africa is closely aligned with Sao Tome and Principe’s needs: improving the investment climate, supporting for small and medium enterprises, and proactively developing large projects.
“We look forward to being a partner with Sao Tome and Principe to further support private sector growth in Sub-Saharan Africa and create more opportunities for Africans,” Thunell said during a ceremony at the 2008 World Bank Group and International Monetary Fund Annual Meetings. “I encourage Sao Tome and Principe to draw on IFC’s ability to link small businesses to large investment projects and ensure environmental and social sustainability of projects related to natural resource development in your country.”
SUPPORTING DEVELOPMENT
Supporting development in Sub-Saharan Africa is one of IFC’s key strategic priorities given the region’s high concentration of low-income countries. IFC made new investments of $1.4 billion in 2008 and expanded its reach into smaller markets in coordination with World Bank Group efforts. IFC made investments in 25 Sub-Saharan African countries in FY08 and delivered advisory services in 36 markets.
IFC will remain committed to helping the private sector grow in Africa, playing a countercyclical role as other investors become more cautious. IFC’s recent appointment of its first Vice President outside Washington in Johannesburg, and of directors in Nairobi and Dakar, demonstrates commitment to put decision-makers close to clients to serve them better and increase development impact.
For more information contact:
Houtan Bassiri
Communications Officer
Johannesburg, South Africa
Tel: +27 11 731 3179
Email: hbassiri@ifc.org
