Dáil Éireann Debate, Tuesday - 26 June 2012
139 Deputy Maureen O’Sullivan asked the Tánaiste and Minister for Foreign Affairs and Trade the funding given to IFC in 2012; if he envisages a change of policy in the allocation of funding to this organisation; and if he will make a statement on the matter. [30382/12]
Amharc ar fhreagraThe International Finance Corporation (IFC), is a member of the World Bank Group, and is the largest global development institution focused exclusively on the private sector in developing countries. The private sector, as an engine of growth, innovation and investment to developing countries, has a major role to play in development.
Ireland has been a member of the IFC since 1958. We partner with the IFC in providing technical assistance and advisory services to the private sector in developing countries with the aim of reducing poverty through inclusive private sector growth.
In 2011 Ireland supported the following IFC programmes:
Conflict-Affected States in Africa (CASA) Initiative (2011: €300,000)
In 2008 the IFC launched the Conflict-Affected States in Africa (CASA) Initiative to encourage the development of private enterprise in these countries. The CASA Initiative takes into account the particular obstacles faced by the private sector in fragile and post-conflict countries.
The CASA Initiative focuses on:
Improving the business environment through regulatory reform.
Strengthening small and medium enterprises and support institutions such as Chambers of Commerce.
Rebuilding financial markets, banks and other financial institutions.
Increasing private sector involvement in providing and rebuilding infrastructure such as roads, ports, schools and power stations.
The focus of the IFC's work under the CASA Initiative so far has been Sierra Leone, Liberia, the DRC, South Sudan and the Central African Republic.
CASA has recently been independently evaluated and found to be "highly relevant based on industry best practice for private sector development in fragile and conflict affected states".
World Bank Group Facility for Investment Climate Advisory Services (2011: €600,000)
This programme advises developing countries on how to improve their business environments in order to increase private sector activity and encourage inward and domestic investment. While its initial focus was purely on foreign direct investment, this has now expanded to the broader investment climate area, providing support to governments on reforms needed to improve their investment climates for domestic as well as international investors.
