IFC launches strategy to boost business in East Africa

The World Bank Group's subsidiary, the International Finance Corporation (IFC), has launched a strategy to boost business in East Africa.

The East Africa Chapter of the Africa Corporate Governance Program, which was launched in Nairobi on Wednesday, aims to improve the performance of businesses in the East African countries of Kenya, Uganda, Rwanda and Tanzania.

Corporate governance refers to the structures and processes by which businesses are managed. The East Africa program will coach businesses on how to become more transparent and accountable to investors and stakeholders.

The program will build on the experience of IFC and World Bank governance initiatives in other parts of the world.

IFC's Director for Eastern and Southern Africa Cheikh Oumar Seydi told journalists in Nairobi Tuesday evening that the organization has invested over 2 billion U.S. dollars in the last two years to improve corporate governance within the region.

"By further supporting good corporate governance practices within African companies, we expect them to carry lower financial and non-financial risk and generate high returns for shareholders," Seydi said.

He said IFC will support businesses in critical sectors for African development including power, agribusiness, and financial services.

The program, which is funded by Switzerland's State Secretariat for Economic Affairs, is intended to equip businesses in the four countries with the tools they need to attract and retain investment and operate more efficiently. Endit