Pimenta: Private sector key to unlocking Africa’s growth story

Sergio Pimenta, the Regional Vice President for Africa at the International Finance Corporation, recently sat down for an interview with CNBC Africa's Godfrey Mutizwa. Pimenta reflected on his time on the continent as it comes to an end after seven fruitful years. The discussion delved into the Finance in Common Summit in Cape Town, where the role of the private sector in development was a key focal point. Pimenta highlighted the importance of public-private partnerships and blended finance to drive progress in the region. He emphasized the need for collaboration and alignment of mandates to achieve sustainable development goals. Pimenta also discussed the evolving trends in Africa, including the rise of African champions and the increasing role of the private sector in driving economic growth. He noted the importance of regionalization, the African Continental Free Trade Agreement, and the digital revolution as catalysts for change in the business landscape. Additionally, Pimenta shared insights on IFC's strategic interventions with African companies, focusing on both large corporations and SMEs to foster inclusive growth across the continent. The interview also touched upon the significance of technology in agriculture and IFC's initiatives to support innovation in the sector. Pimenta acknowledged the changing dynamics in Southern Africa, where the private sector is playing a more prominent role in driving economic development. He highlighted the importance of private sector engagement in addressing key societal challenges and promoting long-term prosperity. The conversation then shifted to the challenges of unlocking the private sector's potential in Africa. Pimenta emphasized the need for a conducive business environment that provides certainty and reduces risks for investors. He stressed the importance of strong governance and legal frameworks to support sustainable business growth. Reflecting on his tenure, Pimenta expressed pride in IFC's expanded footprint in Africa and its significant impact on local economies. He shared a success story of supporting a retail company, Boxer, in creating employment opportunities and driving community development. As Pimenta prepares to transition back to Lisbon, he reiterated his commitment to Africa and expressed a desire to continue engaging with the continent in his future endeavors. The interview concluded on a positive note, highlighting Pimenta's dedication to promoting sustainable development and creating lasting impact in Africa.