IFC commits to support economy sustainability development in TL

IFC commits to support economy sustainability development in TL

IFC representative in TL, David Freedman mets Prime-minister, Taur Matan Ruak. Tatoli's image//Francisco Sony

DILI, 26 january 2022 (TATOLI)—The International Finance Corporation (IFC) is standing on commitment to continue supporting economic development in Timor-Leste (TL).

IFC representative in TL, David Freedman said, in order to advance the TL country in the coming year, the financial assistance for private and public sectors are more required.

“We met the Prime Minister to re-introduce the IFC program that will be implemented in TL. The program will contribute to the country’s developments,” IFC representative in TL, David Freedman told reports at the Government Building, on wednesday.

IFC combines investment and advisory services to support the private sector and promote sustainable economic growth in Timor-Leste.

IFC is focus on improving infrastructure for public-private partnership consulting services

It is through investment and advisory services for financial institutions that can enhance the competitiveness of private companies through regulatory reforms.

IFC also played an important role in the construction of the Tibar Port, especially from the tendering process to signing the project with a private company to invest and build the Port.

“This year, IFC is preparing a follow-up plan to discuss with the Government about three projects being prepared by the Government as the Dili Airport, the Hera Habitat Project and improving the health system in TL so that everyone can get access to health,” he said.

Since 2006, IFC has supported financially $490 million. The amount was used for private investment for the seaport. Thus the financial support was invested $1.5 million of its own funds in the microfinance institution Kaebauk Financial investment.

It shows the significant debit and outreach of credit in rural areas in Timor-Leste. An institution is needed to establish  transformation with financial accessibility, as a main goal of IFC.

It is known that in early 2017, KIF had acquired a portfolio of $13.37 million, serving 11,313 clients, 84 percent of the rural population. It is focused on women entrepreneurs.

IFC also has provided financial support for eight consulting projects with a total budget of $.14.65 millions. It was under the IFC finance management from 2006-2007.

IFC is a World Back Group and provides a loan facility of more than $5 million for the largest microfinance institution of Timor-Leste.

Kaebauk Financial Investment is expected to have more than 10.000 clients, and can be financed in 2024. KFI is targeting 75% of women entrepreneurs.

It is focused on developing the agriculture sector and expanding the country’s scarce agricultural for finance market.

Journalist: José Belarmino De Sá

Editor: Rafy Belo


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