WASHINGTON, D.C., Sep. 14 -- Francis Hamilton, who became head of IFC's Syndications Group in Washington, D.C. in 1986, is returning to London as Senior Adviser, Syndications. He will be continuing to develop IFC's fast-growing "B loan" program, in which European banks have for some years been the predominant participants. Before joining IFC in 1986, he was a Director of Samuel Montagu in London.
Richard Parry, also a UK national, succeeded Francis Hamilton as the new head of IFC's Syndications Group at the beginning of this year. During a 16-year career with IFC, Mr. Parry has been responsible for project financing business in parts of Europe, the Middle East, Latin America and Africa, including a stint as head of IFC's Africa Project Development Facility based in Nairobi.
IFC runs the largest project loan syndication program of any multilateral development agency, with loan participations approaching US$3 billion yearly. IFC B loans are an essential mechanism for attracting long-term finance, from banks as well as institutional investors, into projects in countries which would otherwise have no market access. Last year, IFC placed loan participations with 69 financing partners from 22 different countries.
In establishing a syndications presence in London, IFC expects to build further on its relationships with leading financial institutions in Europe and elsewhere. IFC's London office is headed by Douglas Gustafson, Special Representative for Europe.
IFC is a member of the World Bank Group and is the largest multilateral source of equity and loan financing for private sector projects in developing countries.
