Santo Domingo/Washington D.C., February 11, 2002—
With the objective of providing a forum to discuss the strategic importance of capital markets for Latin America and the Caribbean, the
Regional Capital Market Development Seminar
opened today in Santo Domingo, Dominican Republic.
The seminar is sponsored by the International Finance Corporation (IFC), the private sector arm of the World Bank Group, with the Swedish Technical Assistance Trust Fund, and the Central Bank of the Dominican Republic in cooperation with the Dominican Republic Bolsa de Valores.
The seminar is designed to address two major themes: (i) the conditions necessary for well-functioning capital markets, which help foster domestic savings and improve corporate governance, and (ii) the role of government agencies in the context of appropriate legislation, supervision and self-regulation.
Bernard Pasquier, IFC’s Director for Latin America and the Caribbean said that: “This seminar is very timely, given the current volatile international environment, which highlights the need for effective domestic capital markets.” Mr. Pasquier added: “For IFC, the development of local capital markets plays a crucial role in allocating risk capital and financing investments in productive activities, with direct benefits to the countries’ economies and societies.”
The opening session will be presided over by the Governor of the Dominican Republic Central Bank, Francisco Guerrero Prats, and Bernard Pasquier, IFC’s Director for Latin America and the Caribbean. Participants include high level officials of Central Banks and Finance Ministries from eight countries in the region (Ecuador, Honduras, Guatemala, Costa Rica, Venezuela, Nicaragua, Colombia, and the Dominican Republic) as well as senior managers of regional stock exchanges, leading banks, brokerage firms and funds. The seminar will take place from February 11 to March 1, 2002.
IFC’s mission is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, and provides technical assistance and advice to governments and businesses.
Since its founding in 1956 through the close of the last fiscal year on June 30, 2001, IFC committed more than $31 billion of its own funds and arranged $20 billion in syndications for 2,636 companies in 140 developing countries. IFC’s committed portfolio at the end of FY01 was $14.3 billion.
