IFC official to visit Djibouti, support job creation

The International Finance Corporation (IFC’s) Regional Vice President for Africa, Sérgio Pimenta, is set to visit Djibouti from February 28 to March 2 to highlight IFC’s commitment to fast-tracking the country’s inclusive economic recovery from the impact of COVID-19 and support for job creation through increased private sector investments.

Accompanied by senior members of IFC’s leadership team for Africa, Mr. Pimenta will hold talks with senior government officials, key private sector leaders and donor partners, according to the information from IFC.

“Mr. Pimenta will discuss ways in which Djibouti’s private sector, with IFC support, can help expand access to finance for micro, small and medium-sized enterprises (MSMEs) and access to affordable housing for the Djiboutian population. Strengthening manufacturing and infrastructure (logistics, energy and ICT) will also be a top priority on his agenda,” it said.

IFC’s investment and advisory support in Djibouti currently stands at $13.7 million supporting access to trade financing, hotel development and affordable housing.

“Djibouti’s seaport already makes the country an important regional logistics hub, and more economic gains are expected with infrastructure upgrades. IFC’s strategy aligns with the government’s Vision 2035 development plan that seeks to boost growth and improve quality of life for Djiboutians through increased private sector investments,” according to IFC.

In this capacity, Mr. Pimenta is in charge of all advisory and investment operations in a region with a committed portfolio of $13.3 billion and approximately 700 staff working to expand the private sector’s role in addressing urgent development challenges in the financial, manufacturing, agribusiness and services, and infrastructure industries.

Previously, Mr. Pimenta was IFC’s Vice President for the Middle East and Africa. Mr. Pimenta also served as Director and Global Head of Industry—Manufacturing, Agribusiness, and Services at IFC, managing all operations in these sectors worldwide. Mr. Pimenta also served for three years as IFC’s Regional Director responsible for East Asia and the Pacific, based in Hong Kong.

IFC, a member of the World Bank Group, advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries. IFC is the largest global development institution focused on the private sector in developing countries.