Business

IE S'pore-IFC deal can help local firms in emerging markets

A deal signed yesterday should help local companies keen to do business in the emerging markets of Africa, South-east Asia and South Asia.

The memorandum of understanding (MOU) between International Enterprise (IE) Singapore and the International Finance Corporation (IFC) will give firms access to in-depth market insights and financing opportunities.

The tie-up combines IE Singapore's network of 13 centres across Africa and Asia with IFC's deep financing knowledge and expertise in these markets. Both agencies will co-host market-focused workshops for Singapore companies, sharing insights on business opportunities, financing landscapes and financing partners.

IFC, which is part of the World Bank, will also leverage Singapore's position as a regional infrastructure hub by hosting pre-bid meetings for Asian infrastructure projects.

"This close engagement with IFC will open more doors for Singapore companies to capture infrastructure project opportunities and provide them with in-depth market and financing insights to break into the markets," said IE Singapore deputy chief executive Kathy Lai.

In the 2017 financial year alone, IFC lent close to US$650 million (S$886 million) to local firms. This included funding for Sembcorp Industries to provide a reliable electricity supply in Bangladesh and Myanmar.

Last year, IFC provided a US$175 million loan to Olam International to support the agribusiness firm's food processing facilities in Nigeria and India, increasing food crop production to feed over four million people. - THE STRAITS TIMES

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