The International Finance Corporation (IFC), the private sector arm of the World Bank Group, will focus on black economic empowerment (BEE) and small- and medium-sized enterprises (SMEs) in South Africa, Peter Woicke, World Bank managing director and executive vice president of the IFC said.
"BEE must take place in South Africa and I do not mind that in the process some individuals become rich, as long as they reinvest in the country, rather than in a yacht moored at St Tropez.
"We will also encourage engagement in the SME sector as that is where job creation will take place," Woicke said.
