The International Finance Corp (IFC) which recently invested $15 million in Lonmin Platinum, is to up spending in Africa, it has been reported.

Favourable economic conditions, coupled with less incidence of political turmoil, has already seen investment in mining ventures by the finance division of the World Bank increase to $300 million during 2006 with a significant tranche of the funding going to platinum miners such as Lonmin.

Investment in the African mining sector during the previous year had stood at just $50 million.

Thierry Tanoh, IFC Director for Sub-Saharan Africa, said: "Before, the economic environment in Africa was not conducive. But in the past five years we have seen fewer conflicts, a resource boom and an average growth of above four per cent.

"The next step is to hope to fund projects that will see these resources transformed for export from the continent. We are also widening our net to fund projects in smaller countries we have not been involved in before."

The IFC funding for Lonmin is earmarked for improving the firm's black empowerment programme and upgrading facilities for local communities.

Source:

IFC at $1 bln mark in funding to Africa, plans more, 14/06/07

http://africa.reuters.com/business/news/usnBAN443724.html

World Bank's IFC keen to invest more in Africa, 14/06/07
http://www.businessday.co.za/articles/national.aspx?ID=BD4A492797

Lonmin secures IFC investment, 03/04/07
http://www.platinum.matthey.com/media_room/1175608809.html 


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