WASHINGTON, D.C., June 28, 1999 –
The International Finance Corporation has agreed to provide its first revolving
credit line to a West African bank in the form of a new EUR 4 million (US$4.13
million) facility to Banque Atlantique-Cote d'Ivoire.
This is IFC's third financing to Banque Atlantique-Cote d'Ivoire, a successful
domestic commercial bank in Abidjan. The revolving facility will help the
bank to strengthen its treasury operations, develop its trade finance activities,
and provide short-term financing for its private sector clients. By combining
short-term liquidity with medium-term availability, IFC's revolving credit
line will address the current resource shortfall in Cote d'Ivoire.
Mr. Cesare Calari, Director of IFC's Africa Department said the facility
would promote development of a competitive financial sector in Cote d'Ivoire
by improving the overall efficiency and depth of the banking sector.
The mission of IFC, part of the World Bank Group, is to promote private
sector investment in developing countries, which will reduce poverty and
improve people's lives. IFC finances private sector investments in the
developing world, mobilizes capital in the international financial markets,
and provides technical assistance and advice to governments and businesses.