BE, IFC IDENTIFY AREAS FOR PRIVATE SECTOR INVESTMENT

MBABANE – Business Eswatini (BE) and the International Finance Corporation (IFC) have discussed priority areas for investment, necessary policy reforms and tailoring IFC products to fit the unique needs of the Eswatini economy.

Both parties explored sectors that hold the highest potential for private sector investment in Eswatini. Emphasis was placed on industries such manufacturing, agribusiness and renewable energy, which can drive economic growth, create employment opportunities, and contribute to the sustainable development of the country. The IFC is the private sector arm of the he World Bank Africa. The IFC Country, Manager Mehita Fanny recently paid a courtesy visit to BE. During the meeting the two organisations shared notes of mutual interest after the IFC had unpacked its financial products designed for priority investment areas, as well as the policy reforms needed to achieve job creation and economic growth. They also delved into the policy reforms needed to create a more conducive environment for investment. BE highlighted the challenges faced by local businesses and emphasized the need for a regulatory framework that supports innovation, reduces bureaucratic hurdles and enhances the overall ease of doing business.

Insights

The IFC team shared insights on how their financial products and services could be structured to better align with the economic landscape of Eswatini.  The discussions aimed at ensuring that IFC’s offerings are accessible and beneficial to the local private sector, thereby fostering greater collaboration and investment. Nathi Dlamini, the Chief Executive Officer (CEO) of BE, expressed optimism about the outcomes of the meeting, stating, “Our engagement with the IFC is a pivotal step towards unlocking new investment opportunities and driving economic growth in Eswatini.

We are committed to working together to address the policy challenges and to create a more favourable environment for our businesses to thrive.” It is worth noting that, the aforementioned sectors are the major contributors to the country’s economy and calls to grow them cannot be overemphasised.  According to the economic review and outlook report for 2023/24 published by the Ministry of Economic Planning and Development, in 2023, the manufacturing sector alone contributed 29.1 per cent to the national gross domestic product (GDP), while the agriculture and forestry contributed 8.5 per cent.

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