Dti shows Africa how to do business with World Bank
The Department of Trade and Industry (dti) will on Friday host a seminar on doing business with the World Bank on the African continent.
The seminar will be hosted through the dti’s Trade Invest Africa (TIA) division at the Radisson Blu Gautrain Hotel in Sandton.
Acting CEO of TIA Lerato Mataboge on Thursday said the seminar will provide a platform where the World Bank Group will share how it engages and works with the private sector in its partnership with governments and its private sector financing vehicles.
“The seminar will also provide an opportunity for the private sector to learn more about the procurement and financing policies and procedures of the World Bank, the IFC [International Finance Corporation] and MIGA [Multilateral Investment Guarantee Agency].
“More importantly, the World Bank Group will also share their observations on why South African companies are not securing as many business opportunities with the Bank in developing country markets, compared to their Asian, European, Australian and US counterparts,” said Mataboge.
The IFC is the largest global development institution focused exclusively on the private sector. The institution helps developing countries achieve sustainable growth by financing investment, mobilising capital in international financial markets. The MIGA was created to promote foreign direct investment (FDI) in developing countries to support economic growth, reduce poverty and improve people’s lives.
Investing in Africa
Both the IFC and MIGA form part of the five organisations of the World Bank Group. The International Development Association (IDA), which is the concessional financing agency of the World Bank, plans to use US$45 billion for projects in low-income countries, particularly in Africa.
“It is expected that the volume of investments in Africa will grow, given that the IDA package includes efforts to encourage private sector investment and growth. This development presents opportunities for growth in the region, possibilities for greater participation of private companies as service providers and as investors.”
Mataboge explained that although South Africa does not qualify for this funding, companies in various sectors such as engineering and construction, can bid for tenders for projects financed by the World Bank in other African countries.
“The seminar will go a long way in assisting South African companies to take advantage of this opportunity,” she said.
The South Africa-World Bank Group partnership strategy, which is driven by National Treasury, focuses on reducing inequality, promoting investment, and strengthening institutions.
“Trade Invest Africa is providing the dti response to this strategy by facilitating access to information and opportunities for the South African private sector,” said Mataboge.
Private sector representatives from the built environment, steel, electro-technical, capital equipment and steel construction sectors, as well representatives of development finance institutions (FDIs) will attend the seminar.
Friday’s seminar is expected to get underway at 9am. – SAnews.gov.za