WASHINGTON, D.C., September 28, 1999 —
The International Finance Corporation signed an agreement today to provide a US$5 million loan to one of Zimbabwe's most prominent financial institutions, udc Holdings Limited, Zimbabwe, which specializes in leasing and term lending.
IFC has a longstanding relationship with udc, first with an equity investment in 1984, followed by two loans worth a total of $12 million that have now been fully repaid. The latest loan provides long-term financing so that udc can further expand its term lending activities, which in turn will support expansion projects by Zimbabwean companies involved in agriculture, mining, tourism, and transportation.
IFC Director for the sub-Saharan Africa region, Cesare Calari, said the loan will significantly lower the debt servicing costs for udc's export-oriented clients, making their investment opportunities more feasible.
The mission of IFC, part of the World Bank Group, is to promote private sector development in developing countries, which will reduce poverty and improve people's lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, and provides technical assistance and advice to governments and businesses.
