Sub-Sahara Africa had the highest of the International Finance Corporation’s (IFC) expenditure on advisory services – $53.6 million (26.5 per cent) of a $202.1 million-expenditure on advisory services for the fiscal year 15 (July 2014 to June 2015), according to IFC’s annual report.
The financial sector had the highest advisory services expenditure of $64 million (31.7 per cent), followed by investment climate with $50.5 million, representing 25 per cent; public-private partnerships, $30.9 million (15.3 per cent); cross industry areas, $27.8 million (13.8 per cent); energy and resource efficiency, $16.9 million representing 8.4 per cent; and agribusiness, $11.9 million (5.9 per cent).
Financial markets also had the highest amount in long term commitments by the World Bank’s development institution for private sector growth in emerging economies in the fiscal year – $4.69 billion representing 44.6 per cent of funds generated by the IFC.
The corporation generated $10.53 billion and additional funding of about $7.1 billion in syndicated loans from third party entities.
Sub-Saharan Africa had $3.7 billion in commitments from the IFC out of the $17.7 billion raised by the organisation and its partners.
Of the $10.53 billion raised by the IFC, sub-Saharan Africa had $1.83 billion (17.38 per cent) in commitments.
The $1.83 billion in commitments to sub-Saharan Africa is outweighed only by East Asia and the Pacific, with $2.28 billion (21.71 per cent) and Latin America and the Caribbean region, with $2.37 billion (22.57 per cent).
The report says $9.26 billion was disbursed out of the $10.53 billion generated by the IFC, supporting 406 projects in 83 countries – an increase from $8.9 billion disbursed in the previous fiscal year from $9.96 billion generated.
The Chief Executive Officer of the IFC, Jin Yong Cai says through the funding, IFC’s clients “provided 2.5 million jobs, helped educate 3.5 million students, and treated more than 17 million patients. They generated power for nearly 56 million customers, distributed water to more than 23 million, and provided gas to 35 million.”
The IFC is a global development institution of the World Bank Group focused on the private sector in developing countries.
The World Bank Group’s commitments to Ghana amounted to $712 million in the fiscal year 2015 including commitments from the International Bank for Reconstruction and Development and the International Development Association.
By Emmanuel Odonkor