Corporation launches Africalease to promote leasing in sub-Saharan Africa

  • Written by  New Business Ethiopia

The International Finance Corporation (IFC), a member of the World Bank Group, today formally launches ‘Africalease’, an association that will promote leasing across sub-Saharan Africa in agribusinesses and transport, among others.

It is aimed at helping smaller businesses from transport companies to farms and retailers – gain the financing they need to grow and create jobs, the Corporation said. The association was launched at a major leasing conference in Accra organized by IFC and SECO, the Swiss State Secretariat for Economic Affairs. The conference convened regional leasing investors and experts to promote and discuss Africa’s potential $80 billion leasing market.

Alejandro Alvarez de la Campa, Practice Manager for the World Bank Group’s Finance, Competitiveness, and Innovation global practice, said, “Leasing is helping transform the ability of Africa’s smaller businesses to acquire the use of equipment for economic activities. Working in 25 countries in sub-Saharan Africa, IFC’s Africa Leasing Facility has helped mobilize $257 million in investments into the regional leasing sector, and delivered leasing training to about 24,000 people, including government officials, financial institutions, and small business owners.”

Abdallah Benhamida, Africalease President, said, “The regional equipment leasing market is ripe for investment, particularly in the agriculture, infrastructure, medical equipment and renewable energy sectors. Africalease will endeavor, as much as possible, to build a cohesive network to help unlock the region’s $80 billion potential.”

Smaller businesses employ about 60 percent of those with jobs in emerging economies but many are held back by a lack of access to finance. Since 2008, IFC and SECO have led the creation of a viable and sustainable leasing market in sub-Saharan Africa, helping establish leasing as a reliable financing tool.

IFC also launched the first Africa Equipment Leasing Handbook at the Accra event. The handbook estimates that sub-Saharan Africa’s current equipment leasing market stands at $40 billion – and expects it to at least double in size.

IFC’s Africa Leasing Facility ran from 2008 to the end of 2017, successfully developing leasing across the continent. IFC will continue to support leasing initiatives in Africa, such as the Africalease association, which gathers leasing practitioners to strengthen, reinforce cooperation, and harmonize activities to promote leasing across Africa.

Login to post comments
back to top

BEAMED BC-TV

Latest on Economy

Economy

Mozambique to host 12th U.S.-Africa Busi…

14 March, 2019 | Hits:551

Johannesburg, South Africa (ADV) – Mozambique is s...

Economy

Aliko Dangote named richest person in Af…

05 March, 2019 | Hits:619

Aliko Dangote, the Nigerian businessman and Presid...

Economy

Expert: Small fragmented African airline…

28 February, 2019 | Hits:863

Like it has been the case in previous years, the g...

Economy

SKA infrastructure design complete

28 February, 2019 | Hits:902

South African Science and Technology Minister Mmam...

Economy

Kenyan and Chinese firms secure geotherm…

28 February, 2019 | Hits:554

Ethiopian Electric Power (EEP) has signed a deal w...

Economy

South Africa stimulus package to create …

28 February, 2019 | Hits:606

Transport Minister Blade Nzimande has announced a ...

Economy

eSwatini is facing an unprecedented econ…

28 February, 2019 | Hits:610

eSwatini’s economy probably contracted in 2018 and...

Economy

80% of women in low- and middle-income c…

27 February, 2019 | Hits:507

80 per cent of women in low- and middle-income cou...

Economy

South Africa - India trade relations dee…

27 February, 2019 | Hits:513

Two KwaZulu-Natal companies are on a mission to ex...

Economy

Closing Africa’s financing gap

27 February, 2019 | Hits:530

Toward the end of 2018, the United States merged e...

Economy

First China-Africa economic, trade expo …

27 February, 2019 | Hits:550

At least 1,000 African guests and traders will att...

Economy

Ethiopia moves to boost ease of doing bu…

27 February, 2019 | Hits:521

Ethiopia continues to work towards improving ease ...

Economy

US $7bn to be injected into infrastructu…

27 February, 2019 | Hits:517

South Africa is set to commit US $7bn over the nex...

Economy

Mozambique, Soliridad Southern Africa in…

26 February, 2019 | Hits:554

The National Institute for Standardization and Qua...

Economy

Mozambique, Soliridad Southern Africa in…

26 February, 2019 | Hits:580

The National Institute for Standardization and Qua...

Economy

Ethiopian Airlines to operate all-female…

26 February, 2019 | Hits:512

Ethiopian Airlines has announced that it has final...

Economy

Africa: The first African Digital Rail S…

26 February, 2019 | Hits:477

Cape Town, South Africa, 25 February 2019 - "Afric...

Economy

Tech startups in Sub-Saharan Africa to g…

26 February, 2019 | Hits:484

Tech startups from Sub-Saharan Africa markets to g...

Economy

IFC invests $15 million in Comoros telec…

25 February, 2019 | Hits:546

International Finance Corporation has made its fir...

Economy

MafAfrique to invest $7 Million in Tanza…

25 February, 2019 | Hits:477

Advisory and fund management group, MafAfrique, ha...

By Category

Local News

User Menu

About Us

Follow Us