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WASHINGTON, D.C., April 14 -- Jannik Lindbaek, Executive Vice President of the International Finance Corporation (IFC), will visit Zambia, Zimbabwe, CÙte d'Ivoire, and BÈnin over the next two weeks to discuss IFC's programs in those countries with senior government officials and business leaders. This is Mr. Lindbaek's first official trip as IFC's Executive Vice President, a post he assumed on January 1, 1994. "African governments need to encourage both foreign and domestic private investment to drive economic growth," said Mr. Lindbaek. IFC, a member of the World Bank Group, is the largest multilateral source of financing for private sector projects in developing countries. In addition to financing large projects in a number of sectors, including oil and gas development, mining, agribusiness, tourism, capital markets, and manufacturing, IFC has two special programs for small and medium-sized projects. In 1989, IFC launched the Africa Enterprise Fund (AEF), through which it finances projects with costs between US$250,000 and US$5 million. To keep administrative costs down, projects are identified, appraised, and supervised by AEF representatives in the field. AEF operates out of Abidjan, Accra, Douala, Harare, Lagos, and Nairobi. In 1986, in cooperation with the United Nations Development Programme and the African Development Bank, IFC set up the Africa Project Development Facility (APDF), an agency that advises entrepreneurs on developing viable projects and obtaining finance for them. APDF targets projects with costs from US$250,000 to US$7 million and has representatives in Abidjan, Accra, Douala, Harare, and Nairobi. IFC provides substantial technical assistance to African countries on developing their financial sectors--for example, by drafting regulations for the banking, leasing, and insurance industries; helping them set up or modernize stock markets; and working with central banks to improve money markets. IFC also invests in financial institutions such as merchant banks and leasing and insurance companies, and recently set up two investment funds, the Mauritius Fund and the Africa Emerging Markets Fund.
WASHINGTON, D.C., April 14 -- Jannik Lindbaek, Executive Vice President of the International Finance Corporation (IFC), will visit Zambia, Zimbabwe, CÙte d'Ivoire, and BÈnin over the next two weeks to discuss IFC's programs in those countries with senior government officials and business leaders. This is Mr. Lindbaek's first official trip as IFC's Executive Vice President, a post he assumed on January 1, 1994. "African governments need to encourage both foreign and domestic private investment to drive economic growth," said Mr. Lindbaek. IFC, a member of the World Bank Group, is the largest multilateral source of financing for private sector projects in developing countries. In addition to financing large projects in a number of sectors, including oil and gas development, mining, agribusiness, tourism, capital markets, and manufacturing, IFC has two special programs for small and medium-sized projects. In 1989, IFC launched the Africa Enterprise Fund (AEF), through which it finances projects with costs between US$250,000 and US$5 million. To keep administrative costs down, projects are identified, appraised, and supervised by AEF representatives in the field. AEF operates out of Abidjan, Accra, Douala, Harare, Lagos, and Nairobi. In 1986, in cooperation with the United Nations Development Programme and the African Development Bank, IFC set up the Africa Project Development Facility (APDF), an agency that advises entrepreneurs on developing viable projects and obtaining finance for them. APDF targets projects with costs from US$250,000 to US$7 million and has representatives in Abidjan, Accra, Douala, Harare, and Nairobi. IFC provides substantial technical assistance to African countries on developing their financial sectors--for example, by drafting regulations for the banking, leasing, and insurance industries; helping them set up or modernize stock markets; and working with central banks to improve money markets. IFC also invests in financial institutions such as merchant banks and leasing and insurance companies, and recently set up two investment funds, the Mauritius Fund and the Africa Emerging Markets Fund.
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