The International Finance Corporation, the private investment arm of the World Bank, says it is expanding local-currency lending and increasing direct investments in African companies.

The goal is to help projects grow large enough to attract major global investors.

Speaking at the Africa Financial Summit in Casablanca, IFC Managing Director Makhtar Diop said many international investors only commit funds to projects that have reached significant scale.

This has pushed the IFC to support African businesses earlier and in local currency, helping them avoid exchange-rate risks that often derail long-term projects.

Africa received more than 15 billion dollars of IFC commitments last year, mostly in debt and trade finance. Local-currency lending now accounts for about 30 percent of the IFC’s portfolio.

The IFC is also working with commercial banks to swap dollar resources for local-currency credit lines, making it easier for businesses to borrow in their own currencies.

The institution says deeper market integration including interoperable stock exchanges will help mobilize domestic savings and attract long-term global investment.