Investment Climate Facility For Africa (ICF) has called  for increased support for small and medium enterprises in the continent.

“At present, SMEs in Africa account for just 10 per cent of GDP, in stark contrast to the contribution of SMEs in high income countries, which stands at more than 50 per cent. It is therefore especially important we target areas which will help Africa’s small and medium enterprises, which have a fundamental role to play in helping the continent fulfill its economic potential said Mr. Omari Issa ICF’s  Chief Executive Officer.

ICF was established in 2006 with the aim of  working to remove  the barriers that exist to doing business in Africa.  “A growing number of governments across Africa are now taking proactive steps to remove obstacles to doing business” Issa said in the 2009 report of the organization’s activities. ICF was established on the back of increasing recognition that an improved African investment climate is fundamental for wider economic growth, job creation and improved prosperity.

“ICF’s strategy of delivering initiatives in countries or regions where there is strong ownership by  government and business leaders of the project process paid dividends during 2009.

A number of project partnerships have already reached their successful completion, including projects to build the capacity of commercial courts in Rwanda, upgrade the information systems of customs agencies in Senegal and improve business registration and permitting in Burkina Faso.

With a number of other  projects delivering ongoing progress, and a further fifteen added to ICF’s portfolio in 2009, the impact and influence of ICF is growing rapidly. ICF will continue to support partner governments by sharing learnings and expertise from ongoing and completed projects”, he said

ICF is a unique and unprecedented partnership between government, business and donor organisations to tackle the obstacles that exist to doing business in Africa and thereby transform the continent’s investment climate.

ICF activities are driven by three objectives which are:  Build the environment for investment climate improvement by encouraging, developing and working with coalitions to drive change, and by supporting dialogue between businesses and governments;

Get the investment climate right in Africa by working in partnership with governments to create a legal, regulatory and administrative environment that enables businesses of all sizes and at all levels to grow, invest and create jobs;  Encourage businesses to respond by improving Africa’s image as an investment destination and by publicising improvements in the investment climate.

ICF focuses on areas where practical steps can be taken to remove investment constraints and problems, working on a project basis to tackle the eight priority areas of: property rights and contract enforcement; business registration and licensing; taxation and customs; financial markets;   infrastructure facilitation; labour markets;  competition; corruption and crime.