--Support for Private Sector Activity--
WASHINGTON, D.C., May 7—Mr. Jannik Lindbaek, Executive Vice President of the International Finance Corporation (IFC) will lead a delegation to Egypt from May 15-23, 1997. This is Mr. Lindbaek's first official visit to Egypt.
The purpose of the visit is to consult with government and industry leaders on IFC's activities in Egypt. Mr. Lindbaek will address a press conference at the Hotel Semiramis Inter- Continental on May 21, 1997 at 4.00 p.m.
IFC has expanded its activities in Egypt in recent years in response to a more favorable environment within the country for private sector development. To date, IFC has approved 49 investments totalling US$750 million. The total cost of these projects is about US$4 billion. IFC is working in a wide variety of sectors including capital markets, general manufacturing, tourism, petrochemicals, natural gas, etc.
Mr. Lindbaek will be accompanied by Mr. Andre, Hovaguimian, Director of IFC's Central Asia, Middle East and North Africa (CAMENA) Department and two Camena Managers, Sami Haddad and Iyad Malas. Also joining the delegation will be Mr. Manuel Nunez, IFC Regional Representative for the Middle East, who is based in Cairo.
IFC, a member of the World Bank Group, is the largest multilateral source of equity and loan financing for private sector projects in developing countries.
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