IFC seeks to support capital markets in Sub- Saharan Africa

The International Finance Corporation (IFC) and Standard Chartered Bank on Wednesday launched pan-African bond-issuance program to support local capital markets and the private sector development in order to spur growth in the region.The IFC Pan-African Debt Medium-Term Note Program will increase the availability of local-currency financing for private sector development in the continent. A vibrant, local-currency capital market is essential for any country to achieve its full economic potential, IFC Executive Vice President and CEO Lars Thunell said in a statement received in Nairobi. Thunnell said the program will initially focus on Botswana, Ghana, Kenya, South Africa, Uganda, and Zambia. He said over the next several months, IFC will work with the respective authorities in these countries to obtain their consent to be part of the program. Ensuring the development of such markets is a cornerstone of IFCs strategy. By expanding long-term currency finance, we help businesses mitigate currency risks when they borrow capital to grow and create jobs, Thunnel said. Experts said African markets needed to have very robust trading platforms in place to accommodate expected huge inflows of foreign investments, to encourage more local investments, and to support the rules and regulations that are in place.

News

IFC seeks to support capital markets in Sub- Saharan Africa