WASHINGTON, D.C., Dec. 9 -- The International Finance Corporation (IFC) approved an equity investment of up to US$8 million in Framlington Russian Investment Fund. The Fund's primary objective is to achieve long-term capital appreciation though venture capital investment in Russian industry. It will invest initially in those sectors which have the ability to earn hard currency either by exporting products or services or by providing products or services in Russia which can be invoiced in hard currency. In the process, the Fund is expected to act as a catalyst for the mobilization of foreign investment in Russia. The anticipated capitalization of the Fund will be US$50 million. Investors will include multilateral institutions, such as the European Bank for Reconstruction and Development, and private institutional investors in Europe and the U.S. The closed-end equity fund will be managed by a subsidiary of Framlington Group PLC, a fund management company based in London. The Fund is incorporated in Luxembourg
and will have a ten-year life. IFC is a member of the World Bank Group and is the largest multilateral source of financing for private sector companies in developing countries. (30)
Contacts: Jeanne Segal IFC (1) 202-473-0393 Connell Gallagher Framlington Investment Group (44-71) 374-4100 Rebecca Hill EBRD (44-71) 338-6255