WASHINGTON, D.C., Nov. 8 -- The International Finance Corporation (IFC) and the Government of Ireland have established a fund that will finance the technical assistance work of Irish experts in IFC projects in developing countries. The IR£200,000 (US$315,000 equivalent) Technical Cooperation Trust Fund will be financed by the Irish Government and managed by IFC, with the aim of accelerating economic transformation in developing countries and economies in transition including Eastern and Central Europe and the Former Soviet Union. The agreement was signed by Ms. Margaret Hennessy, Assistant Secretary for the Irish Department of Foreign Affairs, and Mr. Nissim H. Ezekiel, IFC Director of the Corporate Planning Department. The fund will finance pre-feasibility and feasibility studies, the establishment of pilot projects, training, technology transfer, technical assistance in the rehabilitation of projects experiencing difficulties, and technical advisory services in areas such as privatization and capital market
s development. IFC initiated the Technical Assistance Trust Funds Program in 1988 in an effort to identify viable business projects in developing countries at an early stage. The program provides technical assistance and funding to help entrepreneurs prepare projects and design proposals that meet criteria of prospective investors. Since its inception, the program has supported more than 250 projects in a broad range of sectors. It also supports some of IFC's privatization advisory services and capital markets activities aimed at strengthening private sector institutions. IFC is a member of the World Bank Group and the largest multilateral source of equity and loan financing for private sector projects in developing countries.
