WORLD BANK BACKS ESWATINI

EZULWINI – The World Bank Group has reaffirmed its support for the growth of Eswatini’s private sector, particularly in sectors like the agribusiness sector.

This commitment was made by Mehita Fanny, the International Finance Corporation (IFC) Country Manager for Comoros, Eswatini, Madagascar, Mozambique and Seychelles. Fanny made her remarks during the IFC private sector day held under the theme - ‘Inclusive Growth: Enabling Sustainable Private Sector Growth in Eswatini’. The Private Sector Day is a culmination of years of collaboration and research between the World Bank and Eswatini and it serves as a platform for dialogue, exchange and partnership.

Export-led

Fanny said Eswatini can accelerate its growth and create much-needed jobs by embracing an export-led growth model, strengthening support for micro, small and medium (MSMEs) and leveraging the entrepreneurial potential of its people. She said as IFC they have also identified priority sectors with high potential for economic development – sectors like agribusiness, textiles and apparel, forestry value chains, beef and sugar, as well as emerging  areas like financial and digital services, energy and infrastructure.She said these sectors offer tremendous opportunities to not only boost exports, but also drive job creation and economic recovery, particularly as we continue to recover from the impacts of the COVID-19 pandemic.  

Supporting

She said it is clear that there is enormous potential within Eswatini and that is why as IFC they are so committed to supporting the country in its journey towards achieving its Vision 2030 – the ambition of becoming a developed nation. Fanny said the potential for growth in agribusiness sectors is immense, and they are eager to continue supporting the local private sector efforts through tailored financial solutions, advisory services and capacity-building initiatives.

Partnerships

“Whether you are a small entrepreneur or a large company, we want to make sure that you have the tools, resources and partnerships to succeed,” said Fanny. She said they are committed to helping Eswatini unlock its private sector potential by addressing the barriers that hinder growth and by strengthening the sectors that can drive sustainable development. She added that as they look ahead, it is clear that private sector investment will be key to achieving the ambitious goals of Eswatini’s Vision 2030.

She said with the right policies, infrastructure and private sector participation, we believe that Eswatini can become a regional leader in export-oriented industries, with a thriving economy that creates jobs and improves livelihoods for all its people. She said their support is not just financial – they also bring technical expertise to help businesses tackle challenges related to governance, sustainability and innovation.  

IFC’s objectives for the private sector day platform:  

• To understand – The World Bank wanted to hear directly from the private sector players, about the opportunities they see, the challenges they face and how the World Bank, government and the private sector can work together to unlock the potential of Eswatini’s economy.
•  To share knowledge – This is an opportunity for IFC to present its various offerings, including its investment and advisory services, as well as the technical assistance they can provide to support businesses in navigating challenges and scaling up their operations.
• 3.     To collaborate – IFC’s goal is to foster deeper collaboration between government, the private sector and development partners. By working together, all stakeholders can create a supportive ecosystem that empowers businesses to thrive and contributes to sustainable and inclusive economic growth.

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