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.