IFC backs SA renewables as African commitments rise to $5.3bn

The World Bank’s International Finance Corporation (IFC), which funds private-sector activities in developing countries, reported on Tuesday that it had committed and mobilised record investments of $5.3-billion for sub-Saharan African projects during its 2013 financial year, when it invested $24.8-billion globally.

The development finance institution invested $3.5-billion from its own account, and mobilised $1.8-billion from other investors. It also carried out advisory projects worth $65-million in the region during the period.

Funding for infrastructure projects in Africa rose to $1.5-billion from around $1-billion in 2012, with the IFC’s Infraventures division partnering with the private sector on wind power projects in East Africa and in transport and logistics ventures in West Africa. Read on Engineering News >

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