Announcement of IFC Opening Representative Office in Turkey November 3, 1986

Ptional Finance Corporation Monday, November 3, 1986 CONTACT: Monique Amaudry Press Release No. 87/24 (202) 676-9331 IFC OPENS REPRESENTATIVE OFFICE IN TURKEY The International Finance Corporation (IFC) has opened a Representative Office in Istanbul with the approval of the Turkish Government. Mr. Apinya Suebsaeng, a Thai national, has been appointed IFC's Representative in Turkey. He will concentrate primarily on establishing and strengthening IFC's relationship with the Turkish business and financial communities and broadening contacts with the Government in order to identify and help develop new private sector business opportunities. He will also maintain close contact with Turkish companies that are already in the Corporation's investment portfolio. Mr. Suebsaeng has already taken up his duties in Istanbul. IFC is an affiliate of the World Bank and the leading international organization that supports the economic growth of developing countries by assisting their private sectors. In Turkey, IFC has approved investment in 26 companies amounting to over $280 million. The projects were in a number of different sectors, including automotive, development finance, food and food processing, glass, iron and steel, non-ferrous metals, pulp and paper, tableware, textiles, and tourism. The opening of this Representative Office underscores the confidence that IFC has in the long-term growth prospects of Turkey and the importance of the private sector in that development. The address of IFC's Representative Office is Mete Caddesi, No. 24/3, Taksim, Istanbul, Turkey Telephone: 143 25 93, 143 21 26 Facsimile: 149 24 76 Telex: 24994 IFC TR