IFC "Loan" Is Not A Loan

The Accra Office of the Africa Project Development Facility (APDF) has explained that the $30 million from the International Finance Corporation (IFC) is not a loan as portrayed by the headline of a story published in yesterday’s Daily Graphic.

It said the $30 million was an indication of a country programme over a pilot period of three to four years.

Mr Modou Njie, the Regional Manager of APDF, who was speaking in reaction to our story, said that the strategy entailed the development of an SME Solution Centre (SSC), a one- stop shop to provide Integrated Services of Finance, Capacity-Building and Business Development Services, Business Enabling Environment and Access to Information.

He said that Ghana was one of the eight countries that may benefit from $228 million joint IDA/IFC integrated programme fund aimed at the development of small businesses and the private sector in sub-Sahara Africa. Mr Njie said that the funds were to be used for the range of activities mentioned above.

He said that the focus of the meeting reported was neither APDF/World Bank nor a loan for the private sector, but to facilitate the establishment of a structural linkage between the Ministry for Private Sector Development (MPSD) and Small and Medium Enterprise network.

He said that the IFC was expecting a mission next week in line with the new strategy of developing an integrated approach to SME development in Ghana.

He stated that the project proposal might be sent to the Board for its review in October, 2003 and not currently being reviewed.