New IFC Vice President Jean Philippe Prosper Pledges Further IFC Financing in Senegalese Infrastructure Projects
DAKAR, Senegal, May 10, 2013/African Press Organization (APO)/ -- IFC, a member of the World Bank Group, will further expand its investments in infrastructure in Senegal, as well as continue advising the government on public-private partnerships in infrastructure and other sectors, said Jean Philippe Prosper, IFC Vice President for Sub-Saharan Africa, Latin America and the Caribbean. On the occasion of his first trip since assuming his new position, Prosper highlighted the key role of the private sector in building infrastructure by working alongside national authorities.
During his visit to Dakar, Prosper met several senior government officials, including President Macky Sall, Prime Minister Abdoul Mbaye, and Minister of Finance Amadou Kane.
Prosper said: “IFC is committed to helping Senegal meet its needs for energy, roads and other critical infrastructure. IFC's strategy is to increase private capital invested in core infrastructure projects and so we will work with the government on facilitating public-private partnerships and reforming the energy framework in Senegal.” Among the large projects IFC has already invested in are the Kounoune power station and the Dakar-Diamniadio Toll Road.
Last month, IFC organized with the Ministry of Finance a week-long seminar on PPP for government officials and IFC is working with the Ministry of Finance and other partners to identify priority PPP projects. Similarly, IFC, the World Bank and IMF are working with the government of Senegal to help reform the national electricity company of Senegal (SENELEC).
In fiscal year 2012, IFC funding for infrastructure and natural resources projects in Africa surpassed $1 billion for the first time. This figure is expected to rise in fiscal year 2013. In Senegal, IFC's work focuses on power, with financing to a new power production project, on investment climate reforms, and on access to finance and capacity building for SMEs.
IFC's portfolio in Senegal currently amounts to $91 million, including infrastructure development projects, and projects to facilitate trade and to promote food security.