|
WASHINGTON, D.C., May 2 -- The International Finance Corporation (IFC) and the Government of Denmark have established a fund that will finance the provision of technical assistance by Danish experts to private businesses in developing countries. The DKr 7 million (US$1.1 equivalent) Technical Cooperation Trust Fund will be financed by the Danish government and managed by IFC, with the aim of accelerating economic transformation in developing countries that are members of IFC and are listed by the OECD's Development Assistance Committee. The agreement establishing the fund was signed in the Danish Embassy in Washington, D.C., by Mrs. Helle Degn, Danish Minister for Development, and Mr. Makarand Dehejia, IFC Vice President, in the presence of the Danish Ambassador, Mr. Peter Dyvig. The fund will finance project appraisals, implementation and supervision of projects, training and related services, technology transfer, technical assistance in the rehabilitation of projects in difficulty, and feasibility studies.
Technical assistance will be provided by Danish project sponsors, technical partners, consultants, and technology suppliers, as well as by local experts under specified guidelines. The fund will give priority to the alleviation of poverty and the role of women in development, both of which are key principles of Danish development policy. Additional emphasis will be given to private sector projects and to designated economic sectors, including agriculture, food distribution and food processing, environment, energy, education, transport, infrastructure and telecommunications. "It is a great pleasure for me to sign this agreement between Denmark and IFC," said Mrs. Degn. "Denmark has decided to enhance its collaboration with development institutions in the field of consultancy and technical assistance." "We deeply appreciate this new resource from the Danish Government in support of IFC's technical assistance program in its developing member countries," added Mr. Dehejia. IFC initiated the Technical Assistance T
rust Funds Program in 1988 in an effort to identify viable business projects in developing countries. The program provides technical assistance and funding to help sponsors prepare projects and design proposals that meet criteria of prospective investors. Since its inception, the program has supported more than 180 projects in a broad range of sectors. It also supports some of IFC's privatization and advisory services and capital markets activities aimed at strengthening private sector institutions. 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.
|
