IFC to open advisory office in Zambia

The International Finance Corporation (IFC) www.ifc.org has announced that it will open a new office in Zambia by the end of June this year.
According to the IFC Vice President in charge of Sub Saharan Africa and Western Europe, Mr. Thierry Tanoh, “The business environment in Zambia is very favourable,” leading to the growing demand for services of IFC.
The new office will generate business for the organization and provide advisory services to businesses and the government.
Speaking when he met Finance and National Planning Minister, Dr. Situmbeko Musokotwane in Washington DC over the weekend, Mr. Tanoh said IFC made the decision as a result of positive prospects Zambia offers in investment.
The IFC Vice President said he was extremely happy with the current investment activities taking place in Zambia today.
He stated that his organization had “locked up” investment deals of over $60 million in five Zambian companies.
Mr. Tanoh also said the IFC would fund the setting up of microfinance institutions this year in an effort to enhance access to microfinance services by many people in Zambia.
He added, “We are creating new institutions by partnering with financial sponsors, advisory service providers in order to create opportunities for people that need financial services.”
In response, Finance and National Planning Minister, Dr. Situmbeko Musokotwane expressed happiness that the International Finance Corporation was at last going to open an office in Zambia.
He said this was a sign that the IFC had confidence in Zambia’s Investment climate adding, “We like it when you want to engage the private sector.”
He was, however concerned at the slow pace regarding the issue of the Kafue Gorge Lower Project.
The Zambian government hopes to begin the construction of the $1.5 billion hydro project next year with the participation of the private sector. The project is expected to be completed by 2017

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