via Top IFC officials jet in – NewsDay Zimbabwe June 11, 2015
SENIOR International Finance Corporation (IFC) executives arrived in Zimbabwe yesterday for a three-day visit in which they would meet representatives from the private sector and government, authoritative sources have said.
bUSINESS REPORTER
NewsDay heard yesterday that the executives include IFC director for East and Southern Africa Cheikh Oumar Seydi and senior manager for Southern Africa Saleem Karimjee.
The duo will meet members from the private sector this morning and Finance minister Patrick Chinamasa.
No comment could be obtained from the Ministry of Finance as Chinamasa was attending parliamentary business yesterday afternoon.
Confederation of Zimbabwe Industries (CZI) president Busisa Moyo said although he was not aware of the visit, the trip by IFC executives was a positive signal in Zimbabwe’s re-engagement with multi-lateral financial institutions.
“It’s positive for the country. There are some projects that need funding,” he said, adding that the country had to be serious and ensure policies lure investments.
“We need to take ourselves seriously and look at our policies so that they are attractive to investments, such as ease of doing business and cost of doing business,” Moyo said.
IFC, a member of the World Bank Group, is the largest global development institution focusing exclusively on the private sector in developing countries.
Established in 1956, IFC is owned by 184 member countries, a group that collectively determines policies.
Its work in more than 100 developing countries allows companies and financial institutions in emerging markets to create jobs, generate tax revenues, improve corporate governance and environmental performance, and contribute to their local communities.
The visit is seen as a key step towards supporting the country’s private sector with long-term loans that are not available locally. Local banks are constrained and offering short tenure loans.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector in developing countries.
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