Announcement of IFC's Chief Executive to visit Zambia July 5, 1988

IP~@ J77J7f7/7/T~9 11111//tlfl/1 1818 H Street, N W International Finance Corporation 1Washington, DC 20433, USA FOR RELEASE: July 5, 1988 CONTACT: Monique Amaudry Press Release No. 88/54 JUL 2 1 1988 (202) 473-9331 IFC'S CHIEF EXECUTIVE TO VISIT ZMBIA Sir William Ryrie, the International Finance Corporation's Executive Vice President, will be in Zambia from July 7 to July 11, 1988. During his stay in the country, Sir William will meet President Kaunda and senior government officials, and business executives to discuss IFC's operations in Zambia and its role in supporting productive private investments. IFC, an affiliate of the World Bank, is the largest source of direct project financing for private investments in developing countries. In Zambia, where the Corporation's portfolio is one of its largest in sub-Saharan Africa, IFC has invested the equivalent of US$7.4 million in eight companies in food and agribusiness, energy and mining, tourism, manufacturing, textiles, and development finance. In addition, IFC's Board recently approved two more investments in Zambian agribusiness companies. IFC is completing a 1985-89 investment program during which it plans to invest US$4.4 billion in some 400 projects in developing countries. In Africa, IFC expects to have invested US$615 million in approximately 100 projects by the end of the period. Since 1985, IFC has invested in over 70 projects in sub-Saharan Africa. To support African entrepreneurs in undertaking viable business projects, IFC recently launched the Africa Project - MORE - -2- Development Facility (APDF) with the participation of the African Development Bank and the United Nations Development Programme. The APDF, which is managed by IFC, identifies promising African entrepreneurs and helps them to organize, diversify or expand existing businesses or to start new ones. Since the opening of its offices in Nairobi and Abidjan in late 1986, APDF's services have been in great demand, attesting to the presence of a dynamic entrepreneurial class in Africa By the close of Fiscal Year 1988, APDF had secured financing for some 20 to 30 projects. Furthermore, through its Foreign Investment Advisory Services (FIAS) IFC assists developing member countries, at their request, to develop and adjust policies, regulations and investment promotion strategies to attract direct foreign investment. In Fiscal Year 1988, FIAS started an extensive program in Africa which will provide assistance to several countries including, so far, Ghana, Guinea and Kenya. FIAS expects to begin other advisory assignments in Madagascar, Senegal and Togo by the end of the calendar year. -END-