Rabat, Morocco, March 17, 2015 — IFC, a member of the World Bank Group, recognizes that the dynamism of sub-Saharan African countries combined with a high growth rate suggests great business opportunities for trade development and foreign investment in the region. Driven by domestic consumption and a constantly growing labor force, the region’s growth rate has been around 5% over the past ten years. 62% of the sub-Saharan African population, or more than 900 million people, is under 25 years old and the number of people of working age is increasing considerably. The region’s share of the global labor force will even double, from 10% in 2010 to 20% in 2050, to reach around 1.22 billion people. « The current economic momentum confirms that the situation is favorable for investing on the African continent, » said Mrs. Saran Kebet-Koulibaly, IFC Regional Director for West and Central Africa, after a visit to Morocco during which she interviewed with government officials and several Moroccan entrepreneurs. “Investors wishing to establish themselves in Sub-Saharan Africa need to surround themselves with partners like IFC who combine both international experience and expertise and a strong regional presence. IFC offers a unique range of services and support for Moroccan entrepreneurs with a development strategy in our region, and more particularly in job-creating and growth-generating sectors. “The rapid urbanization of sub-Saharan Africa, which is still essentially rural, requires significant investment for the development of infrastructure and the agro-food industry. The rise in household consumption is accelerating demand for housing, infrastructure, telecommunications, distribution, and financial services. As for electricity needs, they are an additional seven gigawatts each year. In total, the region needs additional financing of around $50 billion for the development of its energy production and distribution infrastructure, transport and other related sectors. “IFC has already established important partnerships and today continues to support any new development strategy for Moroccan companies in sub-Saharan Africa,” confirmed Mrs. Joumana Cobein, Head of IFC’s Maghreb office in Morocco. “Many Moroccan companies are also pioneers in expanding into these new markets, particularly in the agro-food, banking and finance, construction, infrastructure and telecommunications sectors. “Trade between Morocco and sub-Saharan Africa has more than tripled over the past ten years to reach $1.6 billion in 2013. Growing rapidly but accounting for only 5% of total Moroccan exports, exports towards sub-Saharan Africa are still promised a bright future. About IFC (International Finance Corporation), a member of the World Bank Group, is the largest international development assistance institution serving the private sector. IFC works with private companies in more than 100 countries and mobilizes its capital and expertise to help end extreme poverty and enable more equitable development. In fiscal 2014, IFC made more than $22 billion in investments to increase the capacity of the private sector to create jobs and address pressing development challenges. For more information, visit www.ifc.org.
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