BANGKOK, THAILAND, Oct. 25,--In Bangkok today, Mr. Jannik Lindbaek, Executive Vice President of the International Finance Corporation (IFC), signed a revised agreement to purchase US$10 million of convertible debentures in National Finance and Securities Public Company Limited (NFS). In December 1995, IFC assisted NFS by arranging a US$290 million financing package, comprising a US$30 million loan for IFC's account and a US$250 million syndicated loan. IFC also agreed to purchase US$10 million worth of convertible debentures on terms that have since been revised.
NFS is one of Thailand's largest finance and securities companies. IFC's financing has enabled NFS to support small and medium enterprises. So far, US$210 million of IFC's financing package has been disbursed, to 55 mostly small and medium enterprises in various sectors, including agribusiness, hotels, hospitals, educational institutions, automobiles, textiles, and infrastructure-related businesses.
IFC has also arranged for project finance and environmental risk management training to further strengthen the institutional capabilities of NFS. In addition, textile sector clients of NFS have received IFC's eco-efficiency training, which helps companies review and improve their environmental performance while gaining a long-term competitive advantage and greater business efficiency.
"IFC's investment reflects its confidence in Thailand's business environment and the financial sector where we have many long-standing partnerships and have provided and mobilized long-term financing over the past 30 years," said Mr. Lindbaek.
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.
