Ministry, IFC to Cooperate to Support Private Sector

Addis Ababa December 14/2018 The Ministry of Innovation and Technology and the International Finance Corporation (IFC) have discussed on ways of cooperating in encouraging small and medium enterprises (SMEs). Following the discussion with CEO of IFC today, the Minister, Getahun Mekuria told ENA that the discussion is focused on supporting SMEs. Since IFC, a wing of the World Bank well known for supporting the private sector, the Minister said working with it will help Ethiopia to improve engagement of the private sector. The two sides have discussed on ways of establishing cooperation to equip small and medium enterprises with advancing technologies, he noted. The cooperation would mainly focus on addressing challenges that enterprises face regarding access to finance. Following series of discussions that are expected to be held between the two sides, IFC will work with banks in Ethiopia to make loan provision services smoother. IFC experts will come in the near future in order to discuss with various stakeholders on specific issues, the Minister said. CEO of IFC Philippe Le Houerou said that the corporation could help the country to effectively deliver finance for enterprises, as it has the expertise. “We have the experience around the world in what we call disruptive technology. In fact we have the whole department on that,” he said. The CEO said that IFC is desirous to work with Ethiopia. “As I just see a lot of experience around the world, the way forward at the ministry is well chartered. So now, we want to be together and deliver on it”, he added. IFC is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in developing countries.