DILI, 12 october 2023 (TATOLI) – The Representative of the International Finance Corporation (IFC) in Timor-Leste, David Freedman, said that the IFC is willing to support the government of Timor-Leste in improving the investment environment in the country.
He said as an international financial institution, IFC offers investment, advisory, and asset-management services to encourage private-sector development in developing countries, including Timor-Leste.
“IFC is committed to working with the Government of Timor-Leste to improve the investment environment to boost private sector development in the country,” Freedman told reporters after a meeting with President Horta, in Dili.
He said that improving the investment environment would contribute to the 9th Government’s policy of investing in various key sectors for the country’s economic diversification.
Improving the investment environment included mobilizing investment, supporting projects and investments in key areas, removing sector-specific and other financial barriers to investment, as well as having a clear regulatory investment environment, etc.
Freedman emphasized that enhancing the investment environment is crucial to supporting the development of Timor-Leste’s private sector: “IFC is helping accelerate private sector development in Timor-Leste to create a more inclusive and sustainable economy.”
Since 2006, IFC has helped to mobilize more than US$150 million in private investment and US$4.5 million of its own funds. As of july 2023, IFC’s advisory services portfolio comprised US$11.2 million in funds under management.
IFC was the transaction adviser for the Tibar Bay Port, Timor-Leste’s first public-private partnership (PPP).
IFC also serves as transaction adviser for several other major PPPs, including expansion of the President Nicolau Lobato International Airport, upgrading of the national medical diagnostics system and an affordable housing project in Dili.
IFC has played a key role in the growth and formalization of microfinance in Timor-Leste, investing US$4.5 million of its own funds in Kaebauk Investimentu no Financas (KIF), helping KIF become the nation’s first fully licensed micro-lender.
IFC’s work with KIF has increased people’s access to credit, including in rural areas, supporting small businesses and helping to drive economic activity. IFC’s advisory services have also helped the government cut red tape and significantly reduce the time it takes to register a business.
Journalist: Camilio de Sousa
Editor: Filomeno Martins
