—Opens Satellite Missions in Rio de Janeiro and Fortaleza—
WASHINGTON, D.C., July 17—The International Finance Corporation (IFC) announced that it will open two new missions in Brazil at Rio de Janeiro and Fortaleza, which will serve as satellites to the main IFC Resident Mission in Sao Paulo. The satellites will provide support for business ventures throughout Brazil, with specific emphasis on accelerating and expanding IFC's activities in the Northeastern provinces of the country.
The satellites will seek opportunities for investment in the agribusiness, private infrastructure, capital markets, general manufacturing and tourism sectors providing medium-term financing resources and technical assistance. In addition, the Rio de Janeiro satellite will work closely with BNDES, the local development bank, to further develop joint infrastructure projects.
"The opening of the satellite missions in Rio de Janeiro and Fortaleza will enable IFC to respond more efficiently and effectively to the needs of our Brazilian clients," said Mr. Karl Voltaire, Director of IFC's Latin America Department. "The expansion is in line with IFC's strategy to provide greater delivery capability to second-tier companies and small- and medium-sized businesses in the Northeastern provinces of Brazil."
Local investment staff have been placed in each of the satellites to cultivate relationships with local entrepreneurs, the financial community, and representatives of other development institutions.
IFC has been active in Brazil since 1957 and has approved more than 107 projects for a total of US$2.0 billion. Currently, Brazil represents the greatest portion of IFC's portfolio with approximately US$1.0 billion outstanding.
IFC, a member of the World Bank Group, is the largest multilateral source of equity and loan financing for private sector projects in developing countries.
