By Ryan Noik, TechSmart

The International Finance Corporation (IFC) recently convened an exclusive media round table with senior journalists and editors to explore how private capital can be mobilized and deployed at scale to create jobs and unlock sustainable growth. 

The session was led by IFC’s Regional Director for Southern Africa, Cláudia Conceição to highlight the IFC’s commitment to sustainable urban development, resilient infrastructure, and inclusive economic growth on the continent. 

 “IFC is committed to remaining a trusted partner, and bring our capital, expertise, and convening power to help Southern Africa unlock its full potential. Together, we can build cities that work for everyone, energy systems that power prosperity, and economies that create the jobs of the future,” she stressed. 

The event was held ahead of the Africa CEO Forum, which is set to co-hosted by IFC and Jeune Afrique Media Groupe on May 14 & 15 in Kigali, Rwanda where Africa’s leaders will convene to shape the continent’s economic future.

Private Capital Mobilization, Skills, and Firm Capacity 

The biggest problem that was spoken about was that globally, capital exists at scale, but it does not reach African economies in sufficient volumes or translate reliably into jobs. Mobilizing private capital only works when firms are investable and workers have market‑relevant skills.

IFC works to address this by mobilizing capital by structuring transactions that reduce risk for investors and pairing them with upstream reforms that strengthen regulatory quality and institutional capacity. The objective is to build sustainable pipelines that support growth and employment over time, rather than one‑off deals.

To this end, Citi and IFC have signed a new 1.6 billion South African rand borrowing facility that will expand IFC’s ability to provide local currency financing in South Africa. The facility has supported IFC's anchor investment into the Cape Water outcome-based bond issued by South Africa's FirstRand Bank – the first outcome bond issued by a commercial bank globally. 

Health Manufacturing and the South Africa Focus

Private sector capital investment in health manufacturing can play a transformative role in shaping Africa’s economic growth and long‑term self‑reliance by building domestic production capacity for vaccines, medicines, diagnostics, and medical devices that are currently imported at scale. 

There are already positive developments underway, though. One example given was Biovac, a leading South African vaccine manufacturer, which has secured a major financing package from the International Finance Corporation (IFC), the EIB Group, and the European Commission to build Africa’s first end-to-end multi-vaccine manufacturing facility. The project will increase access to life-saving vaccines, strengthen the continent’s capacity to prepare for future pandemics, and advance Africa’s long-term health resilience.

The investment also aligns with AIM2030, an initiative to improve access to essential health products for millions of people in Africa over the next five years. Biovac is an early example of the type of market-shaping investment AIM2030 is designed to support. 

Strengthening Urban Infrastructure for Inclusive Growth  

Southern Africa’s economic future depends on clean, reliable, and regionally integrated energy systems and infrastructure development to support job creation. 

Over the past two years, the IFC elaborated that it has significantly deepened its partnerships with South African municipalities to support employment and build climate resilient, inclusive cities. One of our most transformative engagements has been with the City of Cape Town, where it extended a ZAR 2.8 billion senior loan—equivalent to about US$150 million—to support the city’s 10-year infrastructure investment plan.

The IFC explained that this investment ensures that residents, especially in low‑income communities, gain access to reliable water, sanitation, electricity, and transport services. More than 70% of Cape Town’s infrastructure spending supported by this financing will benefit low‑income areas.

‘’For businesses to thrive we really need the policy environment. Also, it is not about private sector taking over, but rather about private sector involvement filling the gap where government doesn’t have the capability,” stressed Conceição.

She also spoke about the rise of the creator economy, which is being fueled by technology and AI, pointing out that what holds back a creative economy in Africa isn’t lack of creativity.

‘’There is no doubt that Africa has an abundance of creativity whether in fashion, art, and in a myriad of other creative industries. What is lacking is capital, supportive government policy, skills and being able to get access to markets.

When policy, capital and skills flow together, jobs follow. And that is what the Africa CEO forum will discuss, with the intention of fostering the necessary decisions that move the continent forward,’’ she concluded. 

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