IFC to help build investor confidence in Ivory Coast

The International Finance Corporation (IFC) has signed an agreement to support better investment climate for business growth in Ivory Coast.

The country suffered a major setback in its business environment after it went into a political crisis in 2010-2011.

The agreement aims to support simplified business regulations that will improve Ivory Coast’s investment climate, strengthen its private sector, and contribute to economic growth.

“…this new agreement will support its strategy to introduce a simpler and more transparent business legal and regulatory framework,” IFC Vice President Jean Philippe Prosper said after signing the pact on May 17, 2013 in Abidjan.

Mr Prosper, who also met with senior Ivorian government officials, including Prime Minister and Minister of Finance, Daniel Kablan Duncan, pledged to expand IFC’s investments and advisory services support in the country.

“IFC is committed to working with the Government and private sector partners to support key sectors, including infrastructure, agribusiness, and smaller businesses,” Prosper stated, according to an IFC statement.

The IFC indicated that its Advisory Services teams are helping strengthen smaller businesses in Ivory Coast with leasing and business management training programmes, and also working with the Ivorian government to simplify tax, licensing and inspection regulations that often increase the cost of business.

The IFC says it has invested close to $200 million  in Ivory Coast’s agribusiness, financial, and infrastructure sectors since it re-engaged after the country’s 2010-2011 political crisis.

By Ekow Quandzie