WASHINGTON, D.C., Jan. 15 -- The Republic of Lithuania joined the International Finance Corporation (IFC) today. Lithuania's Ambassador to the United States, Stasys Lozoraitis, signed IFC's Articles of Agreement during a ceremony in Washington. Lithuania is the 151st country to join IFC, which is a member of the World Bank Group and the largest source of financing for private sector projects in developing countries. Lithuania's subscription to IFC's share capital is $819,000. The Corporation's total authorized capital is $2.3 billion. According to Wilfried E. Kaffenberger, IFC Vice President for Operations, IFC plans to finance export-oriented joint ventures between Lithuanian enterprises and foreign investors in industries where Lithuania has a competitive advantage. Several projects are currently under consideration. IFC sent its first mission to Lithuania in February 1992. It also participated in a World Bank mission that studied the country's capital markets and recommended financial sector reforms. The F
oreign Investment Advisory Service, which is jointly operated by IFC, the World Bank, and the Multilateral Investment Guarantee Agency, completed a study of the environment for foreign direct investment in the country in November 1992. Lithuania is the first of the Baltic republics to join IFC. (30)
