IFC's Pimenta on priorities for Africa in 2023

The International Finance Corporation (IFC) is making waves in Africa with a current investment portfolio exceeding $12 billion on the continent. With a focus on assisting African countries in building modern economies by attracting private expertise, management, and finance, the IFC is paving the way for sustainable growth and development. Sergio Pimenta, the Regional Vice President for Africa at the IFC, recently sat down for an exclusive interview at CNBC Africa to shed light on the organization's priorities for Africa in 2023. Pimenta, who was visiting Nigeria for the first time since 2019, highlighted the significant growth of IFC's programs in the country, with interventions increasing by a remarkable 400 percent since his last visit. The IFC has been actively supporting Nigeria through the challenges brought about by the COVID-19 pandemic, specifically focusing on aiding small and medium-sized enterprises to navigate the crisis. During the interview, Pimenta emphasized the crucial role of the private sector in driving economic advancement across the continent. With governments facing limitations in their ability to support overall development, the private sector has stepped up to fill the gap by making strategic investments and promoting job creation and economic activity. The IFC's engagement with key private sector players in Nigeria has been met with optimism, with a strong belief in the promising opportunities for growth and collaboration in the country. Pimenta also underlined the importance of Nigeria in the IFC's overall strategy, considering it as the largest economy in Africa and a key player in the continent's economic landscape. One of the primary areas of focus for the IFC in Africa this year is aligning its interventions with the developmental needs of the region. With trends such as urbanization and digitalization shaping economies, the IFC aims to concentrate on infrastructure development, digital economy initiatives, and financial inclusion to support the growth of businesses and foster job creation. Furthermore, the IFC has been actively involved in the health sector across the continent, particularly in response to the challenges posed by the pandemic. By prioritizing impact and sustainability in its interventions, the IFC is committed to driving positive change and enhancing livelihoods in Africa. In line with the organization's strategy, Pimenta highlighted the significance of sustainable infrastructure development in Africa, emphasizing the need for resilient infrastructure to combat the impacts of climate change. Additionally, the IFC is focusing on enhancing connectivity within the continent to facilitate trade and economic growth. Pimenta also discussed the importance of promoting inter-Africa trade and addressing barriers to trade finance to unlock the region's economic potential. By leveraging disruptive technologies and digital solutions, the IFC aims to empower smaller businesses to access new markets and expand their trade capabilities. With Nigeria serving as a cornerstone in the IFC's vision for Africa, the organization is poised to continue its impactful interventions in the region, driving sustainable growth and fostering economic prosperity.