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IFC CHIEF TO VISIT BRAZIL AND PERU


Jannette Esguerra
Phone: (202) 458-5204
Fax: (202) 974-4384
E-mail: jesguerra@ifc.org


Washington D.C., April 17, 1998—Mr. Jannik Lindbaek, Executive Vice President of the International Finance Corporation will visit Brazil and Peru from April 18 to 26 to meet with national and local government officials and private sector leaders to discuss IFC’s priority areas for the two countries.

During his five-day visit to Brazil, Mr. Lindbaek will meet Vice President Mr. Marcos Maciel; Acting Minister of Finance Mr. Pedro Parente, and Acting Governor of Central Bank, Mr. Demosthenes Pinha.  During his stops to Rio de Janeiro, Fortaleza, and Brasilia, he will visit projects funded by IFC loans in order to gain a first hand view of IFC’s current operation in the country.


Since 1957, IFC has approved 176 projects in Brazil, providing nearly US$3 billion in financing for its own account and US$2.4 billion for the accounts of participants in the Corporation’s loan syndication program.  Priorities are private infrastructure projects, developing financial markets and projects in less developed regions, such as the Northeast.


From Brazil, Mr. Lindbaek will travel to Peru on April 23.  His first stop will be at one of IFC’s most successful projects, the Yanacocha gold mine near Cajamarca.  IFC financed the start-up of the mine, which has far exceeded expectations by producing more than 1 million ounces of gold last year.  Mr. Lindbaek will visit the surrounding areas of Yanacocha to see first hand, the project’s impact on improving the living conditions of the poor in the community.


Meetings are scheduled with President Alberto Fujimori, government officials, Peruvian bankers, and IFC clients.  Peru is one of IFC’s priority countries in Latin America with particular emphasis on agribusiness, infrastructure, mining, and capital markets.  Since 1960, IFC has approved 39 projects, providing US$265 million in financing for its own account and US$180 billion for the accounts of participants in the Corporation’s loan syndication program.


IFC, part of the World Bank Group, fosters growth in the developing world and in emerging economies by financing private sector investments, mobilizing capital in the international financial markets, and providing technical assistance and advice to governments and businesses.