Int. Finance Corporation looking to South Sudan’s potential
November 11, 2008 (JUBA) -– A member of the World Bank Group said it will explore investment opportunities in Southern Sudan following successful investment climate reforms. “New opportunities are emerging in such sectors as energy, construction materials, hotels, trade finance, and microfinance,” a press release said.
The International Finance Corporation (IFC), one of the World Bank Group members, says that it aims to create opportunity for people to escape poverty and improve their lives. The corporation supports private sector development, mobilizes private capital, and provides advisory and risk mitigation services to businesses and governments.
Jean Philippe Prosper, IFC Director for Southern and Eastern Africa, recently returned from a visit to Southern Sudan with increased confidence in potential investment projects.
“More stable conditions on the ground and an improved business environment have created the right conditions for IFC and other investors to consider new investments in Southern Sudan,” said Prosper. “IFC wants to do more to encourage investment that creates new opportunities for the people.”
The semi-autonomous Government of Southern Sudan recently enacted four investment laws to provide a legal framework that supports private investment.
The government also established a business registry that has registered more than 3,600 companies since May 2007, with the help of IFC.
Laurence Clarke, Manager of the World Bank Sudan office, said, “The World Bank will do all it can to assist IFC and private businesses in supporting key sectors that will contribute to Southern Sudan’s rapid development.”
A team from IFC and FIAS, an advisory service of the World Bank Group, has assisted Southern Sudan since 2006 to improve the investment climate. The team helps build local capacity to support and implement business environment reforms.
The IFC/FIAS team is also helping establish the Southern Sudan Investment Authority and a consultation mechanism for public-private dialogue.
IFC and the World Bank also plan to help the regional government organize an investor conference in the near future.
(ST)