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PRESS ADVISORY HEAD OF IFC TO VISIT SOUTH AFRICA


Amy Conran
Phone:(1-202) 473-9119
Phone:(27 11) 325-0720
Fax: (1-202) 676-0365
E-mail:ACONRAN@Worldbank.org


WASHINGTON, D.C., Jan. 23 -- Mr. Jannik Lindbaek, Executive Vice President of the International Finance Corporation (IFC), will lead an IFC delegation to South Africa from 24 to 30 January 1996. The IFC delegation will consult with government and industry leaders on initiatives to bridge the first world economy of South Africa with formerly disadvantaged groups and discuss IFC's ongoing activities in South Africa. IFC is a member of the World Bank Group and is the largest multilateral source of equity and loan financing for private sector projects in developing countries. The Corporation has approved investments of US$36 million in South Africa's private sector in operations that have a high developmental impact and advance the redistribution of wealth. These investments include: US$3.6 million for the establishment of the first franchise equity fund; US$11.7 million for the restructuring and expansion of the African Life Assurance Company; US$20 million for the South Africa Capital Growth Fund; and US$600,000 for WIP Motors. During fiscal year 1996, IFC will focus on advising and supporting small businesses, creating pooled investment vehicles, assisting with privatizations, and helping attract South African capital and expertise to other African countries. Mr. Lindbaek will meet with senior government officials and business representatives including the Deputy President, Mr. Thabo Mbeki; the Minister of Finance, Mr. Chris Liebenberg; and the Minister for Trade and Industry, Mr. Trevor A. Manuel. Mr. Lindbaek will hold a press conference at 4:00 p.m., January 30, at the World Bank Office in Johannesburg. Accompanying Mr. Lindbaek will be Ms. Carol Lee, Vice President and General Counsel, Mr. Tei Mante, Director of IFC's Sub-Saharan Africa Department, Mr. Vincent Rague, IFC's Resident Representative in South Africa, and Ms. Suellen Lazarus, Special Assistant to the Executive Vice President.