IFC Director to Visit South Sudan

JUBA - The International Finance Corporation IMF Director for Eastern and Southern Africa, Jean Philippe Prosper will make a two day visit to Juba, the capital of South Sudan, from February 12-14, 2012.
His visit is an indication of the growing engagement by the IFC with South Sudan, a growing investment destination, and is scheduled to meet top Government officials during the visit.
He is expected to meet South Sudan’s Vice President Dr. Riek Machar Teny, the Minister for Finance and Economic Planning, Kosti Manibe, Minister for Health, Micheal Milly Hussein, Minister for Commerce, Industry and Investment, Garang Diing Akuong, and the Minister of Electricity and Dams, David Deng Athorbei.
Prosper will also meet donor representatives among them, the American Charge d’Affaires, Chris Data representing the Ambassador, Mr Kevin Mullaly, Director, USAID and the Norwegian Ambassador, Ingrid Ofstad.
In addition, he will also hold discussions with representatives of the private sector.
Prosper’s visit comes on the back of investment promotion activities by the Government of South Sudan, supported by IFC.    These include the launch of the expanded second phase of the investment climate reforms program, an international engagement conference on South Sudan that took place in Washington DC, America, in December 2012, and the public-private partnerships (PPP) workshop in Juba in January 2012.
Among the issues Mr.Prosper is expected to discuss with the Government various possible projects using the PPP model in such areas as health, power and cement, including the necessary legislation and institutions to support such initiatives, and the opening of an IFC country office in Juba, South Sudan.
IFC has had a long engagement with the Government of South Sudan, having come into the country shortly after the signing of the Comprehensive Peace Agreement in 2005.
IFC rolled out a program to assist the then nascent Government to lay the foundation for business through the drafting of the basic laws to facilitate business and establishment of critical institutions.
The second phase of this program has an even more ambitious agenda for private sector growth in the country. IFC’s expanding role in South Sudan also comes at a time when the Government of South Sudan has declared its intention to seek alternative sources of revenue to break its dependence on oil.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector.
“We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets”.     In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities while driving our investments to an all-time high of nearly $19 billion.