IFC guarantees support to Ghana's development aspirations

Accra, June 16, GNA - The International Finance Corporation, (IFC) ha s pledged its continued assistance to Ghana's development goals by supporti ng infrastructure for oil, gas, mining and telecommunication and other secto rs. The member of the World Bank Group said it would also expand financi ng and advisory services to micro, small and medium enterprises, including facilitating non-traditional exports and helping enhance the business environment through advisory services . Mr Lars Thunell, Executive Vice President and CEO of IFC, told journalists in Accra that the IFC was ready to deepen its support, workin g closely with the World Bank, government and private sector to create more

opportunities for entrepreneurs and businesses. As of May 31, IFC's investment portfolio in Ghana totalled approximat ely $530 million, making it the corporation's third-largest portfolio in Afri ca. IFC also implements several Advisory Services projects across a varie ty of sectors, including programmes to support smaller businesses and improv e education. Ms Mary-Jean Ndlovu, Country Director IFC, said to improve SMEs' acce ss to capital, the Corporation in partnership with the International Development Association and the government provided GH¢17.2 million in loans to help Ecobank Ghana increase lending to SMEs.

The IFC, IDA and the Ghana government bore half the risk associated wi th the loans with Ecobank taking on the remaining risk directly. Ms Ndlovu said through the scheme, a key constraint of access to finan ce by the SMEs had been addressed. There are plans to extend the programme b y creating similar partnerships with other Ghanaian banks. Mr Thunell said support for small businesses was at the heart of IFC's

operations because it was key for accelerating development. Mr Thunell arrived in Ghana on June 14 for a three-day visit to highli ght IFC's commitment to working with partners to support the country's privat e sector-led economic growth. He has met with key development partners, donors, and government officials, including Vice President John Dramani Mahama, Minister of Fina nce Dr. Kwabena Duffuor, and the Governor of the Bank of Ghana, Mr. K.B. Amissah-Arthur. 16 June 10