When IFC invests in large infrastructure and natural resources projects, we want to ensure that the host communities experience broad-based economic development. It involves the implementation of a wide range of activities including local supplier development, broad-based economic development, and capacity building of key actors and institutions. Our goal is to ensure that the investments in these large infrastructure and natural resource projects activate economic growth across a range of industries and that the benefits have an impact on a wide range of stakeholders.
IFC’s Sustainable Infrastructure Advisory has successfully implemented several approaches to economic development, including:
Local Supplier Development: We established strategic partnerships with a pool of local and national suppliers to supply goods and services to large infrastructure and natural resource projects. These suppliers were also provided with skill-building techniques and access to finance.
Broad-Based Economic Development Projects: We initiated projects in the host communities that could trigger economic growth of the local areas. These projects included agriculture, construction, and civil works, or other businesses that promote the growth of the area.
Institutional Capacity Building: We worked with key government and private sector agencies, especially groups representing women and youth, to increase their capacity to carry out economic development projects.