WASHINGTON, D.C., Mar. 3—The International Finance Corporation (IFC) has opened a new office in Guatemala to strengthen relations with the business community and governments of Central America. World Bank Group President James D. Wolfensohn today inaugurated the new office located within the World Bank Resident Mission for Guatemala in Guatemala City.
The new office will serve as the IFC hub for countries as far south as Panama and will allow IFC and the Bank Group to expand their relationship with the private sector in order to stimulate Central America's relatively limited access to international capital. The new office will also bring IFC closer to its clients in the region, thus enabling it to offer higher quality services, especially to small and medium-sized businesses.
IFC's investments in Central America exceed US$700 million. In February, the Corporation was selected by the Panamanian Government as principal adviser in the privatization of the Panama Electricity Company.
IFC, the private sector arm of the World Bank, is the largest multilateral source of equity and loan financing for private sector projects in developing countries. In addition to financing private sector investments, the Corporation also mobilizes capital in the international financial markets, and provides technical assistance and advice to governments and businesses.
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