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IFC Chief Peter Woicke Visits Mozambique


In Washington:
Ahmed Badawi-Malik

Phone: (202) 458-7148

Fax: (202) 974-4384

Email:
Abadawi@ifc.org


MAPUTO, MOZAMBIQUE, February 12, 2004— IFC Executive Vice President, Peter Woicke, who is also Managing Director of the World Bank for Private Sector Development, arrived in Maputo today for the start of a two day visit to Mozambique.

“My return to Mozambique, following a visit in March 2001, underlines the importance that IFC attaches to its partnership with the country”, said Mr. Woicke. He added that “this partnership centers on promoting private sector-led development and growth to reduce poverty through providing finance to high growth sectors and local entrepreneurs, building human and institutional capacity, and assisting with the government’s privatization program”.


IFC, which is affiliated to the World Bank, promotes private sector enterprise in developing countries such as Mozambique. IFC invests equity in private sector projects in developing countries, mobilizes finance from global capital markets for new and existing projects, and provides investment advisory services to governments.


Mr. Woicke’s program will include calls on the ministers of planning & finance, tourism, and energy to introduce IFC’s new Africa strategy, discuss priorities for Mozambique, and explore with the government how IFC can help further advance private sector job and wealth creation to combat poverty in Mozambique. Mr. Woicke will also visit IFC financial sector client, NovoBanco, and meet some leaders of small and medium size enterprises that IFC has conducted business with as well.


IFC’s strategic priorities for Mozambique include investing in key export sectors such as mining, tourism, agro-processing and energy; making direct equity investments in and providing advisory services to the government’s privatization program; helping with institutional capacity initiatives such as supporting financial sector deepening by investing in banking and supplementary services; and giving help to micro, small and medium-size enterprises (MSME) in collaboration with financial institutions and technical assistance from other donors.


Note to Editors:
 Mr. Peter Woicke will attend a press conference at Banco de Mocambique, hosted by the Government of Mozambique, on February 13th, commencing at 14:15


Since its first investment in 1956, IFC has committed financing to projects in Mozambique amounting to $152.3 million as of FY03 – including a recent $0.5 million investment in Auto Body Grand Prix Lda to help the firm expand and move to a better facility. Nearly 90 percent ($133 million) of IFC’s Mozambique portfolio represents commitments to Mozambique Aluminum (Mozal), an investment which has provided substantial developmental and social benefits to the country in terms of economic growth, job creation and skills training, foreign exchange receipts diversification, and environmental and social sustainability practices.


The mission of IFC (
www.ifc.org) is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through FY03, IFC has committed more than $37 billion of its own funds and arranged $22 billion in syndications for 2,990 companies in 140 developing countries. IFC’s worldwide committed portfolio as of FY03 was $16.8 billion for its own account and $6.6 billion held for participants in loan syndications.