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FC PROVIDES REVOLVING CREDIT LINE TO COMMERCIAL BANK IN COTE D'IVOIRE


L. Joseph
Phone: (202) 473-7700
Fax: (202) 974-4384
E-mail: Ljoseph@ifc.org


 


 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.