The International Finance Corporation (IFC) plans to inject more than $2.2bn in new financing across North Africa this year, covering 10 countries including Egypt, according to Cheick-Oumar Sylla, Director for North Africa and the Horn of Africa at IFC.
Speaking during a media roundtable held in Cairo, Sylla said the planned investments are primarily aimed at supporting job creation across the continent. He noted that IFC had already committed over $2bn to Africa’s private sector over the past year.
He added that the information and communications technology (ICT) sector alone attracts investments of around $1bn annually in Ethiopia, reflecting its growing role in expanding employment opportunities.
Sylla described job creation as the most pressing challenge facing Africa, noting that about 740 million people are expected to enter the labor market over the next decade. He stressed that the private sector, which accounts for roughly 85% of economic activity, remains the main driver of employment.
He explained that unlocking investment across African markets requires focusing on three key areas: infrastructure and energy, improving the business climate, and mobilizing private sector investment at scale. Key sectors include infrastructure, energy, healthcare, tourism, manufacturing value chains, and water.
Sylla also pointed to rising geopolitical tensions, saying they are prompting countries to place greater emphasis on energy and food security.
