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IFC's boost for Africa's entrepreneurs

By Anonymous
Publication: African Business
Date: Saturday, July 1 2006

The International Finance Corporation (IFC) has approved a $30m grant to the Investment Climate Facility for Africa to help do away with the red tape that stifles business on the continent. The facility, a new public-private partnership for improving the continent's investment climate, will also contribute

expertise to the facility, based on 50 years of experience investing in the private sector in developing countries. According to the IFC's Doing Business report, African enterprises face the world's highest levels of regulatory obstacles to entrepreneurs. Africa has also been the world's slowest region to reform its investment climate. Major reforms are needed to establish the conditions necessary for growth.

The Investment Climate Facility for Africa is an independent trust with strong African representation. It provides a mechanism through which the private sector, donors, and African governments and institutions can support Africa's vision for sustainable growth and development.

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