The International Finance Corporation (IFC's) Regional Vice President for Africa, Sérgio Pimenta, begins his trip to Djibouti on Monday in a visit meant to strengthen IFC's renewed development ties with the Horn of Africa country.
He is scheduled to be in the country from Monday to Wednesday.
Some of the trip’s highlights will be discussions on economic recovery from the impact of Covid-19 and support for job creation through increased private sector investments.
Accompanied by senior members of IFC’s leadership team for Africa, Mr Pimenta will hold talks with senior government officials, key private sector leaders and development partners, according to a statement the institution sent to The EastAfrican.
IFC intends to work with Djibouti's government to enhance private sector investment to create opportunities for entrepreneurs and businesses, which would eventually bring about sustainable economic growth.
Mr Pimenta will explore how the financial organisation could contribute more to Djibouti's private sector development in key sectors that have the most impact on its economy.
“Mr Pimenta will discuss ways in which Djibouti’s private sector, with IFC support, can help expand access to finance for micro, small and medium-sized enterprises (MSMEs) and access to affordable housing for the Djiboutian population,” the statement says.
Strengthening manufacturing and infrastructure (logistics, energy and ICT) will also be a priority in the discussions.
IFC’s investment and advisory support in Djibouti currently stands at $13.7 million, supporting access to trade financing, hotel development and affordable housing.
“Djibouti’s seaport already makes the country an important regional logistics hub, and more economic gains are expected with infrastructure upgrades,” the statement says.
IFC’s strategy in Djibouti, according to IFC, aligns with the government’s Vision 2035 development plan that seeks to boost economic growth and improve quality of life for Djiboutians.
IFC, a member of the World Bank Group, works to improve people’s lives by encouraging the growth of the private sector in developing countries.
It mobilises capital for private enterprise, and provides advisory and risk mitigation services to businesses and governments.