Guest of the 8 p.m. news on national television, Makhtar Diop, Director General of the International Finance Corporation (IFC), presented the ambitions of his institution for Senegal and Africa. This interview provided an opportunity to review the mechanisms of the IFC, a branch of the World Bank Group dedicated to financing the private sector, and its projects to support African economies in their development.
Makhtar Diop recalled that the IFC is an international organization that supports economic development by financing private companies in developing countries. With its guarantee component, provided by the Multilateral Investment Guarantee Agency (MIGA), the IFC secures private investments in sometimes unstable environments.
“The IFC has nearly 5,000 employees, more than $53 billion in commitments, and more than $60 billion mobilized this year, a doubling of our achievements three years ago,” underlined Makhtar Diop, thus demonstrating the growing importance of the institution in the global financial landscape.
On the continent, the IFC positions itself as the leading investor in the private sector among development institutions. “Last year, we injected $14 billion into African economies,” he revealed.
For Makhtar Diop, IFC's vision in Africa goes beyond traditional financing: it is about developing and deepening “national champion” strategies to support local businesses, generate capital and create essential jobs to the development of African societies.
In Senegal, the IFC targets priority sectors such as cement, fintechs, startups, SMEs and agriculture. This year, a strategy focused on capital investment will be implemented. “Many companies borrow heavily but lack capital, which unbalances their debt-to-equity ratio. We will invest more in their capital, taking long-term risks to mobilize the resources necessary to finance the economy,” said Makhtar Diop.
The objective is also to channel domestic savings towards structuring projects, in partnership with the government. “A discussion with the Head of State made it possible to consider opening the capital of large companies linked to structuring projects, allowing Senegalese savers to contribute to national development,” he added.
The Director General of the IFC welcomed Vision Senegal 2050, an ambitious strategy by the authorities aimed at transforming the national economy. This vision revolves around job creation, increased processing of raw materials, integration into international value chains and spatial balance of economic development.
“All structuring projects initiated by the State offer opportunities for the IFC to be a privileged partner,” he said, emphasizing his institution’s commitment to supporting reforms and national initiatives.
For the continent, the IFC seeks to strengthen African integration by removing trade barriers and developing regional value chains. “We have established an inter-African trade financing facility to allow African investors to mobilize funds through local banks and use IFC resources to attract foreign financing,” explained Makhtar Diop.
The IFC has established itself as a key player in private sector financing, providing innovative solutions to support Senegal and Africa in their quest for sustainable economic development.
Related News :