This is up from just $200 million five years ago, making it a leading investor in the sector, said the World Bank Group member.
According to the IFC, even though there are newly built roads, ports, and power stations across Africa, the continent’s people and its growing economies are demanding more.
“Africa’s continued reform programmes and IFC’s strategy are coming together at an unprecedented scale in 2012, when IFC will for the first time invest and mobilize more than $1 billion in private infrastructure in Africa,” it said on its website in an article “Africa infrastructure: A billion dollar business”.
The focus of the investments are expected to be on ports, railways, telecoms, and power, including renewable energy.
By Ekow Quandzie