WASHINGTON, D.C., June 16 -- The International Finance Corporation (IFC) and the U.S. Trade and Development Agency (USTDA) have established a new trust fund, known as the Evergreen Fund, to finance technical assistance projects in developing countries. The new fund will provide financing for prefeasibility and feasibility studies, pilot operations, project rehabilitation, training, and technology transfer carried out by U.S. consultants and consulting firms. The Evergreen Fund, so called because it will be continually replenished from USTDA program funds, replaces the IFC/USTDA Trust Fund established in July 1988. All uncommitted grant money from the previous fund will be transferred to the Evergreen Fund. Because the new fund will be maintained at a level of $500,000, potential export opportunities for U.S. companies arising from IFC projects will not be lost due to the unavailability of money. Mr. J. Joseph Grandmaison, Director, USTDA, said the Evergreen Fund "is an example of how USTDA is working to help
American companies pursue business opportunities overseas and will open the doors at IFC a little wider for U.S. businesses." "The Evergreen Fund reinforces a crucial IFC role, which is to support businesses in their operational and financial restructuring programs," said Mr. Makarand Dehejia, IFC's Vice President for Business Development. "It will significantly increase the resources available for technical assistance activities in developing countries and provide an effective mechanism for the quick transfer of finances to a targeted project." The projects supported by the previous IFC/USTDA Trust Fund include a hydro-electric power project in Guatemala; a fishing fleet modernization in the Baltic Republics; telecommunications projects in India, Poland, and Hungary; and a hotel project in Mongolia. IFC is the private sector arm of the World Bank Group and the largest source of multilateral financing for private sector projects in developing countries.
