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Johannesburg, September 28, 2011
—IFC today released the following media statement regarding allegations of displacement of residents in national parks in Uganda related to forestry concessions operated by the New Forests Company:
The Oxfam report raises issues that IFC takes very seriously. IFC is committed to ensuring New Forests Company undertakes an independent and transparent review. NFC is drafting a terms of reference that IFC and other stakeholders will validate before the review gets underway. The World Bank Group is strongly committed to supporting projects that contribute to development and improve people's lives in Uganda and elsewhere in Africa.
NFC is an investee company of the Agri-Vie Agribusiness Fund in which IFC made an equity investment in 2010.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
.
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