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Invest more in infrastructure says IFC

14 May 2008 – "More investment is needed in South Africa’s infrastructure" is the message from the International Finance Corporation (IFC).

Electricity2"The IFC is ready to engage with other stakeholders to find solutions to South Africa’s power shortage and increase private investment in health, education and other social infrastructure," said Rachel Kyte, business advisory services vice-president during a visit to Johannesburg this week.

She indicated that once agreement has been reached on electricity tariffs, the country "was likely to see enhanced participation from the private sector in power generation."

The IFC said it was wanting to increase investment in African infrastructure, and expand its advisory services to the region’s governments. The IFC also noted that infrastructure investment of some US$10 billion annually is required for Africa.

"We can add value by lending our expertise to government in structuring private sector participation in infrastructure projects," Kyte said.

"South Africa is ideally placed to help provide for Africa’s infrastructural needs," Bernard Chidvero, sub-Saharan Africa advisory services general manager.

Part of this initiatives will involve assisting large industrial energy intensive users retrofit and refurbish old and inefficient equipment.