NAIROBI, September 26 – The International Finance Corporation (IFC) Nairobi office has been elevated to a regional hub, serving 26 countries.
The office that previously handled East Africa operations for the World Bank’s financial arm, will now cover Eastern and Southern Africa, according to the regional director Jean Philippe Prosper.
"We are increasing our work to ensure that our impact on Africa\’s economic development is as strong as possible," said Mr Prosper who has been promoted from a Senior Manager covering East Africa.
“IFC’s choice of Kenya highlights our commitment to the region and further increasing our activities to better serve clients,” he said.
IFC has been rapidly increasing its activities in the Eastern and southern Africa over the last several years. It invested $303 million in the fiscal year through June 2008, compared with $284 million a year earlier and $20 million five years ago.
In southern Africa, IFC invested $314 million, compared with $243 million a year earlier.