By Judith Ugwumadu | 26 January 2015

The International Financial Cooperation (IFC) will inject $30m in to the economy of Ebola-struck Guinea this year to boost small and medium enterprises in a bid to create jobs and increase growth.

The IFC, a member of the World Bank, expects to fund over 600 SMEs through risk-sharing facilities. It said the investment would have a particular focus on women and the agribusiness sector in particular.

Jin-Yong Cai, IFC executive vice president and chief executive officer, said it was estimated that even before the Ebola crisis began, SMEs in the West African country faced a $900m financing gap, with only 6% of firms able to access the credit they need.

Guinea’s president Alpha Condé added: ‘We need to build a strong, competitive Guinean private sector capable of creating jobs – empowering our youth and women who are the drivers of change.

‘This is critical in implementing the transformation we need to achieve the inclusive and fast-paced development Guinea needs.’

The IFC said it was working through its financial intermediary and corporate clients to ensure SMEs have the capital to boost their competitiveness. Over the past three years, IFC has made $10.5m of investments in Guinea targeting the SME sector.

It is also supporting public-private dialogue platforms and rolling out a programme to improve business regulation, investment and tax policy.

IFC has already partnered with Rio Tinto in the Simandou mine construction project in Guinea in a deal expected to create 10,000 jobs.