Vienna, Austria June 20, 2018
—IFC, a member of the World Bank Group, opened today a new regional office in Vienna, the capital of Austria, to leverage private sector solutions to key development challenges in the Europe and Central Asia (ECA) region.
The new IFC office has been established with the support of the Federal Ministry of Finance of Austria and will significantly strengthen the World Bank Group’s presence in ECA. The IFC office is co-located in the same building as the World Bank’s Western Balkans hub office to allow closer collaboration among World Bank Group teams. It will host about 70 IFC staff with investment, advisory, and support functions under the leadership of IFC’s Director for the ECA region, Wiebke Schloemer.
Joining the opening ceremony for the official launch of IFC’s Vienna office, Austrian Federal Minister Hartwig Löger said: “It is a great success for the Austrian government that we could establish Vienna as an official location of the World Bank Group. With the addition of an IFC office, Vienna becomes one of the most important locations within the European Union for World Bank institutions.”
The government of Austria and Austrian companies have been long-term partners of IFC in the ECA region. Since 2005, IFC has invested over $837 million with Austrian companies to support projects in IFC’s operations globally. Ninety-six percent of these projects are in the region, particularly in the infrastructure and financial sectors.
Philippe Le Houérou, IFC Chief Executive Officer, said at the ceremony in Vienna: “The opening of this new office will enable IFC to tackle some of the most pressing development challenges in ECA, including climate change, rapid urbanization, and shallow local capital markets.”
The Vienna office is strategically located to access the 28 countries where IFC works in the ECA region. IFC also has large offices in Belgrade, Istanbul, Kiev, and Moscow to ensure our teams are close to clients. With the new office, IFC joins other international organizations that have chosen Vienna for regional hubs, such as the Organization of Security and Co-operation in Europe and several United Nations organizations, including the United Nations Industrial Development Organization.
The Austrian government was the first donor in IFC’s Cities program, enabling IFC to develop a model for sustainable cities engagement. The support has helped improve city services and urban transportation for more than 25 million people in the ECA region, particularly in Turkey, Serbia, Montenegro, and Ukraine.
IFC has a $10 billion investment portfolio in ECA and 76 active advisory programs. Our work is focused on supporting competitiveness and diversification, strengthening the financial sector, improving infrastructure, and responding to demographic challenges.
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY17, we delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit
www.ifc.org
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