Africa Investment Forum: IFC’s Pimenta on investment opportunities and challenges on the continent

The Africa Investment Forum serves as a crucial platform for leaders and key players in the private sector to discuss the opportunities and challenges present on the continent. Sergio Pimenta, Vice President of the International Finance Corporation (IFC) in the Middle East and Africa, highlights the importance of this forum in shedding light on the potential for growth and development in Africa. Pimenta emphasizes the significance of the private sector in driving economic progress across the continent. The IFC, a partner organization of the World Bank, plays a pivotal role in facilitating reforms and supporting investments in Africa. Pimenta discusses the recent ease of doing business reforms in Nigeria and Togo, applauding their efforts to create a conducive environment for businesses. However, he notes that while progress is being made, there is still room for improvement in Africa's business landscape. The IFC's focus on Africa is evident in their expanding presence across the region, with plans to open nine new offices in the next six to seven months. The organization is committed to supporting key sectors such as infrastructure, agriculture, and tourism, which are vital for job creation and economic growth. Additionally, Pimenta addresses the perception of risk associated with investing in Africa and emphasizes the IFC's efforts to showcase the opportunities available while mitigating risks for investors. The forum provides a platform for discussing potential deals and partnerships that can drive investment and development on the continent. Pimenta highlights the importance of private sector solutions and public-private partnerships in addressing Africa's development challenges while leveraging the expertise and capital of the private sector. With a focus on mobilizing funds and investments in Sub-Saharan Africa, the IFC is dedicated to supporting sustainable growth and development across the continent.