On International Financial Institutions « IFI »


The World Bank, the African Bank of Development, and the International Monetary Fund are International Financial Institutions (IFI) whose aim is to finance investment-friendly countries. This way, they contribute to the development of local companies, as well as both private and public infrastructures in each country where it operates. The World Bank thus recently allocated 200M$ to a development project for an off-grid solar system in Africa. This infrastructure project benefits several African countries, including, Mauritania, Chad, the Central African Republic, Cameroon, Benin, Burkina Faso, Cape Verde, Ivory Coast, Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo. The Senegalese Makhtar Diop is, in fact, the World Bank’s Vice President in charge of Infrastructures, his offices deal with a wide range of issues, from   transportation, the digital economy, the energy and extractive sectors, to financing for infrastructures projects and public-private partnerships. Training and formation are crucial elements of industrialisation processes being implemented in Africa; Quebec, and Canada, have undeniable expertise in these areas, expertise   Africa eventually ought to emulate. Such vision has clearly been highlighted by African decision-makers, at all levels. During a recent Annual Meetings of the African Development Bank emphasis was drawn on the major importance of training as a vehicle for allowing young people to take advantage of the evolution of modern technologies and to prepare for the professions of the future.  Korea announced a $ 5 billion financial package to Africa during these Annual Meetings that will go, inter alia, toward improving youth training and leveraging technology for inclusive growth. African decision-makers, partners and stakeholders are teaming up and collaborating such as to effectively elicit the maturation and growth of ICTs sectors on the continent. Such was, for example, the main topic of the 53rd African Development Bank Annuals Meetings on “Accelerating Africa’s Industrialization.” An interesting approach here discussed posited: “Africa and the 4th Industrial Revolution: Opportunities for leapfrogging?” Indeed, considering that both the willingness to act and the finance to sustain actions are effectives, what is currently urgently needed are support, training and formation for the youth, relevant expertise for enterprises and institutions and, finally, viable projects to be implemented. Let’s discuss this further on the 15th and 16th October of 2018 at the International Forum on African Digital Potential in Montreal.

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