Announcement of IFC to Open New Representative Office in Morocco July 14, 1988

July 14, 1988 Ekwow Spio-Garbrah Press Release No. 88/60 (202) 473-7716 IFC OPENS NEW REPRESENTATIVE OFFICE IN MOROCCO The International Finance Corporation (IFC) opened a regional representative office in Casablanca, Morocco, today to increase its responsiveness to the needs of existing clients in the Maghreb region and to develop new business. Sir William Ryrie, IFC's chief executive, performed the opening ceremony. IFC, an affiliate of the World Bank, is the largest source of multilateral financing for private investment in developing countries. The decision to open this office reflects the growing importance of North Africa in IFC's operations. IFC already has a disbursed investment portfolio of $133 million, equivalent to 5.5 percent of its overall worldwide portfolio, in Morocco and Tunisia. IFC expects to further expand its activities in the Maghreb. IFC's portfolio in the Maghreb region is quite diversified and includes investments in nonferrous metals, cement and construction materials, textiles, food products, pharmaceuticals and fine chemicals, and tourism. Mr. Sami Haddad, who earlier served as IFC's regional representative for West Africa, based in Abidjan, C6te d'Ivoire, has been appointed to head the Casablanca office. The office is located at 30 Avenue F.A.R. Casablanca, Morocco. - END -