IFC boosts East Africa Financial Sector

IFC To Boost Financial Sector In East Africa.
=====================================================================
“World Bank's private sector affiliate, the International Finance Corporation (IFC), will concentrate its lending activities to the financial sector in East Africa, to target at least 200 small and medium businesses, a senior official has affirmed.

Jean-Philippe Prosper, IFC Senior Manager for Eastern Africa, said in Nairobi Tuesday …that the IFC would set aside funds targeting women entrepreneurs in Eastern Africa, including private schools across the region.

The IFC, through its Small and Medium Enterprises (SME) Solutions Center, would advance loans for small businesses with a capital base of at least 3 million shillings ($44,776) through local banks or financial intermediaries such K-Rep Bank in Kenya. …

Prosper said the IFC also invested 130 million dollars in an infrastructure project in Uganda and was also active in infrastructure investments in Kenya and Rwanda. …

World Bank's Country Director for Kenya Colin Bruce announced last week the Bank would conduct a six-week publicity campaign, dubbed ‘connecting with you’ to raise awareness about its funding activities in Kenya.

The IFC said it will fund at least 200 small funds by giving affordable sources of financing to help in improving their conditions of doing business. ‘We will continue to focus on infrastructure. Tourism is an important sector in the three sectors, tourism, the SMEs, and the infrastructure,’ Prosper said. …Prosper said the funds are not tied to any conditionality with potential borrowers allowed to get at most 35 million shillings ($522,388).” *

East African Standard adds that “…Speaking at the Kenyatta International Conference Centre, Bruce said the six-week program would enable Kenyans become better acquainted with the Bank's work.

He also reaffirmed the Bank's commitment to improve the welfare of Kenyans through rendering support to various crucial projects at the grassroots level. Bruce said the Bank was prepared to support programs that would see the country achieve faster development in the coming years. …” [East African Standard (Kenya)/Factiva]