By Faridat Salifu
During the recent World Economic Forum in Davos, Switzerland, Societe Generale and the International Finance Corporation (IFC) struck an alliance to bolster private capital directed towards achieving the Sustainable Development Goals (SDGs) in underserved regions, particularly Africa.
With a pledge to foster investment in key areas, the French bank aims to fortify its position as a “robust and sustainable” financial institution by 2026, with a strong focus on closing the development gap.
In collaboration with the IFC, the World Bank Group’s private sector financing arm, Societe Generale is set to bolster financing for SDGs in developing countries, notably in agriculture, water, energy, and gender equality.
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The partnership aims to catalyze diverse financing solutions that will drive private investment in these sectors, particularly by advancing female entrepreneurship in small and medium-sized enterprises across Africa.
The joint initiative prioritizes granting support, issuing loans, and fostering innovation in these pivotal sectors, underscoring the shared objective of realizing projects with significant impact on local communities and economies, as articulated by IFC CEO Makhtar Diop.
Furthermore, the IFC has already infused $1.3 billion into Société Générale’s green investments, highlighting the commitment to sustainable investments.
IFC CEO Slawonir Krupa emphasized that the alliance is a strategic move in alignment with their economic, social, and governance (ESG) commitments, in response to the pressing need for sustainable infrastructure in their target countries, with Algeria being a key focal point.
Notably, Société Générale recently extended a €9.4 million loan to LafargeHolcim’s Algerian subsidiary to accelerate the decarbonization of its industrial activities, highlighting their focus on sustainable and low-carbon initiatives to support local economic and environmental goals.
