The IFC team led by the Vice President for Middle East and Africa, Sérgio Pimenta, met this Thursday July 13, with Cameroon’s biggest employer’s network, GICAM, where it dwelled on the development of the private sector, to create markets that will open opportunities for them.
“ We are here to help the development of the private sector in the country and I am very pleased that I have an opportunity to exchange with GICAM to discuss their strengths and challenges, and how we can work together to solve them”, said Mr. Pimenta.
He further said IFC was to assist this sector through financing and offer technical assistance to improve their standards. He mentioned the cases of enterprises owned by women and young persons.
IFC has invested over 228 million dollars ( at least FCFA 33 billion), in Cameroon, assisting the realisation of projects and giving consultative services to government.
The President of the commission of SMEs and financing of private projects at GICAM, André Kwam, told reporters that problems faced by SMEs are very high, and it was an opportunity for them to discuss about opportunities which will help resolve these problems. He mentioned the case of funding, training, and guarantee of funds as their measure concerns.
Sérgio Pimenta in his capacity as IFC’s Vice President for the Middle East and Africa, is in charge of all advisory and investment operations in a region with over 600 staff and a committed portfolio of $20 billion, including mobilisation.
The IFC and the World Bank are helping the government construct the Nachtigal Private Plant, which is privately owned and operated 420-megawatt (MW) power plant on the Sanaga River.
InfraVentures, an upstream unit of IFC developing bankable projects, helped develop and structure the project in its early stages, spending $13 million of development capital. This project is now IFC’s largest power investment in Africa.
The €1.2 billion Nachtigal facility will increase the country’s power-generation capacity by nearly a third and bring clean, affordable power to millions, creating several job opportunities.
For three days in Cameroon, Pimenta will be meeting top government officials,as well as other development partners.