WASHINGTON, D.C., Feb. 2 -- The chief executive of the International Finance Corporation, Sir William Ryrie, will visit India and Bangladesh starting February 2. Mr. Ryrie will meet with local business leaders and government officials in the two South Asian countries, including Indian Finance Minister Manmohan Singh and Bangladesh Prime Minister Begum Khaleda Zia. The purpose of Mr. Ryrie's trip is to help promote the development of a healthy market economy and a vigorous private sector in the region. IFC is a member of the World Bank Group and the largest source of financing for private sector projects in developing countries. Mr. Ryrie was in India in February last year to open the IFC's new South Asia Regional Office in New Delhi. On this trip, Mr. Ryrie will visit Delhi and Bombay and will meet with local and foreign press to discuss IFC activities in India and the prospects for private sector growth in the South Asia region. India is IFC's second largest client, next only to Mexico, accounting for 10 per
cent of IFC's investment portfolio. During the past 36 years, IFC has approved investments totalling $1.3 billion in 65 companies. IFC's current held portfolio in India of $641 million includes $538 million in loan and $104 million in equity financing to 47 companies and institutions in sectors as diverse as capital markets, automotive, power generation, petrochemicals and industrial equipment. This will be Mr. Ryrie's first trip to Bangladesh. In Dhaka, Mr. Ryrie will meet with government leaders and prominent businessmen to encourage more private sector joint ventures and to expand IFC's investment portfolio in Bangladesh over the next few years. Mr. Ryrie will wind up his South Asia visit with a press conference in Dhaka on February 9.
IFC has been active in Bangladesh since 1969 and has helped finance projects which include investments in the shoe manufacturing, textiles, leasing, pulp and paper, and development finance sectors. The Foreign Investment Advisory Service (FIAS), which provides technical assistance to governments, has also been active in India and Bangladesh. Established by IFC in 1986 and now co-managed by the World Bank and MIGA, FIAS has just completed two separate major studies which identify primary areas for initiatives to encourage private foreign investment in both countries. Mr. Ryrie will be accompanied by Varel Freeman, Director of IFC's Asia Department; Antonio David, Acting Chief of IFC's South Asia Regional Mission and Deepak Khanna, an Investment Officer in IFC's Asia Department. (30)
