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WASHINGTON, D.C., Jan. 17 -- The International Finance Corporation (IFC) and the Swiss Government have established a fund that will support private sector growth in developing countries, particularly in Sub-Saharan Africa. The Swiss government's grant of CHF5,400,000 (US$4.12 million equivalent) will fund IFC-managed projects including the African Project Development Facility (APDF), the African Training and Management Services Project/African Management Services Company (AMSCO) and the Foreign Investment Advisory Service (FIAS). APDF, a United Nations Development Program (UNDP) project managed by IFC, provides advice to African entrepreneurs seeking to expand or modernize their businesses or start new ones, as well as providing related support and advisory services. APDF normally supports projects with investment costs ranging between US$250,000 and US$7 million. It has offices in Abidjan, Accra, Douala, Harare, and Nairobi. AMSCO, a joint initiative by IFC, UNDP and the African Development Bank, focuses on
strengthening the private sector of Sub-Saharan Africa through providing its client companies with experienced business executives under secondment arrangements. AMSCO's main objective is to help rehabilitate ailing companies in Sub-Saharan Africa and create a pool of well-qualified African managers. FIAS, jointly operated by IFC and the International Bank for Reconstruction and Development (World Bank), helps governments meet long-term development needs by getting the greatest possible benefit from foreign investment -- not only capital, but also technology and managerial expertise. Among other advisory activities, FIAS works with governments to build effective institutional frameworks for interacting with investors. "The Swiss Government is pleased to provide this grant which will allow us to pursue a close partnership with IFC in promoting private sector development, particularly in low income countries," said Mr. Matthias Meyer, Deputy Director, Office for Foreign Economic Affairs in Switzerland's Departm
ent of Public Economy. "In addition to our contribution to these programs, we also look forward to benefiting from IFC's expertise in shaping our bilateral programs in this field." "We are very grateful for the Swiss Government's support of IFC's technical assistance and advisory work promoting private sector development in Sub-Saharan Africa and other countries," said Richard Frank, Vice President, IFC. "This type of support allows us to reach entrepreneurs and smaller business in the most challenging countries." IFC is a member of the World Bank Group and the largest source of direct project financing for private sector projects in developing countries.
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