The International Finance Corporation (IFC), private sector investment wing of the World Bank, pledged here on Thursday to support African countries through a further development of leasing to access financing for development on the continent.
It said the African Leasing Association it inaugurated here had about 80 billion U.S. dollars of resources to access in the continent’s leasing market if the leasing market is well harnessed.
Addressing practitioners at the African Leasing Conference where the association was launched, Ronke Ogunsurile, IFC Regional Country manager for six West African nations, noted that leasing provided the African region’s business owners a viable financing solution that enables them to start using a productive asset in the present to help build the sustainable businesses of the future.
“When a construction company is able to finance excavators, forklifts, graders and mixers, it increases the speed at which it can build roads. When farmers are able to finance tractors, ploughs and harvesters, they are able to get produce more quickly to market,” she pointed out.
Supporting leasing market development, according to the IFC official, who is Country Manager for Ghana, Benin, Burkina Faso, Guinea, Togo and Niger, is one way in which IFC is contributing to the World Bank Group’s twin goals of eliminating extreme poverty and creating shared prosperity.
For this reason, she said IFC, through its donor-supported Africa Leasing Facility had over the past decade helped lay the foundation necessary for the creation of a sustainable leasing industry in 19 countries on the continent. Enditem