Washington, DC, April 20, 2018—IFC,
a member of the World Bank Group, and the Grand Duchy of Luxembourg announced
a new partnership program to support economic growth and development in
Under the new Luxembourg-IFC Partnership Agreement (LIPP), Luxembourg will
provide $8.65 million (€7 million) to IFC Advisory Services programs over
the next four years. Luxembourg is considering several specific initiatives
it may support under the partnership, including programs to help develop
and strengthen capital markets, accelerate investment climate reforms,
and build the capacity of small and medium enterprises.
“It is critical to establish the necessary conditions that will attract
private capital allowing Luxembourg to respect its commitment within the
deadline for delivery of the 2030 Sustainable Development Goals. These
objectives can only be achieved through the large-scale mobilization of
international private finance and IFC is a key player in that regard. Luxembourg
is therefore pleased to renew today its trust in IFC’s advisory platform.”
said Pierre Gramegna, Minister of Finance of Luxembourg.
“Luxembourg is a valued and long-standing partner for IFC, with whom we
share a number of strategic development objectives. IFC has partnered with
Luxembourg on many important advisory services initiatives, including programs
to implement investment climate reforms, strengthen corporate governance,
and improve financial sector risk management in emerging markets. Such
programs have helped us to create opportunities in a number of developing
countries,” said IFC CEO Philippe Le Houérou.
Luxembourg and IFC have been committed partners for many years. To date,
Luxembourg has provided cumulative funding of about $28 million to support
IFC’s advisory work on a global scale.
IFC—a sister organization of the World Bank and member of the World Bank
Group—is the largest global development institution focused on the private
sector in emerging markets. We work with more than 2,000 businesses worldwide,
using our capital, expertise, and influence to create markets and opportunities
in the toughest areas of the world. In FY17, we delivered a record $19.3
billion in long-term financing for developing countries, leveraging the
power of the private sector to help end poverty and boost shared prosperity.
For more information, visit www.ifc.org