Jakarta, October 28, 2004. Mr. Peter Woicke, Executive Vice President of the International Finance Corporation and Managing Director of the World Bank, will visit Jakarta on October 28-29, 2004. He plans to meet with the newly elected President Susilo Bambang Yudhoyono, the Minister of Finance and the economic team as well as clients and partners in the business and social sectors.
Mr. Woicke’s visit reaffirms IFC’s commitment to support the government efforts to improve the investment climate and promote sustainable private sector development. Mr. Woicke’s last visit to Indonesia was in 2001.
During his visit, Mr. Woicke will launch the World Bank’s World Development Report 2005: “A Better Investment Climate for Everyone” on October 29 to highlight the issues for Indonesia. Based on surveys of over 30,000 firms in 53 developing countries and other new research, the World Development Report this year highlights opportunities for governments like Indonesia to improve their investment climates by reducing the risks and costs related to policies, as well as barriers to competition facing firms of all types – from farmers and micro-entrepreneurs to local manufacturing companies and multinationals. Improving investment climate is seen as priority by the World Bank Group.
Mr. Woicke will also be signing a Rp. 230 billion partial credit guarantee extended to Bank NISP, IFC’s long-term client and partner. The facility will help support through risk sharing with Bank NISP’s the growth of its consumer finance assets.
IFC has been present in Indonesia since 1968 and has portfolio of US$2 billion in over 70 companies. IFC expects to approve US$210 million in FY04 in new projects covering various sectors.
The mission of IFC (
http://www.ifc.org/
) 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, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through FY04, IFC has committed more than $44 billion of its own funds and arranged $23 billion in syndications for 3,143 companies in 140 developing countries. IFC’s worldwide committed portfolio as of FY04 was $17.9 billion for its own account and $5.5 billion held for participants in loan syndications.
Events open to the press during Peter Woicke’s visit to Indonesia:
Thursday, October 28, 2004
15:00 Signing of investment Bank NISP agreement
15:30 press conference – visit review
Friday, October 29, 2004
14:00 Launch of the World Development Report 2005 in Indonesia
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