Moscow, November 15, 2004—Today
Iceland and IFC’s Private Enterprise Partnership, IFC’s private sector
advisory program in the former Soviet Union and Mongolia, signed their
first agreement for a joint project. Under the agreement Iceland
will provide donor funding to IFC’s Private Enterprise Partnership to
carry out a Survey of the Fish Industry in Russia.
The economic potential of Russia’s fish industry is large. However,
relatively little is understood about the complete extent of the fish industry
in Russia and its current and future dynamics. IFC hopes that the
survey will provide a comprehensive overview of the industry and will help
identify potential business and investment opportunities.
H.E. Mr. Benedikt Jonsson, the Ambassador of Iceland to the Russian Federation,
commented: “Iceland has had a longstanding cooperation with Russia, and
formerly the Soviet Union, in fisheries and the fish industry. The recent
major changes in Russia’s economy have attracted much interest among Icelandic
business operators in these fields in particular who have long sensed the
great potential therein. However, the complex nature and little knowledge
of the current and future potential of the Russian fish industry remains
somewhat a stumbling block for an increased active participation of Icelandic
business operators in this field. Therefore, it is most welcome and encouraging
that the agreement between the Government of Iceland and the International
Finance Corporation is now realized to undertake a Survey of the Fishing
Industry in Russia.”
Edward Nassim, Director for Central and Eastern Europe Division, International
Finance Corporation, said: “This is the first agreement between Iceland
and IFC’s Private Enterprise Partnership. Under this agreement Iceland
and IFC will work together to conduct a Survey of the Fish Industry in
Russia. Iceland is a world leader in the fish industry and Russia presents
great potential in this business sector. We hope that this Survey will
provide informed answers to many questions, and become a platform from
which new business opportunities can be explored.”
IFC has been working in Russia for over ten years and has built a strong
reputation as a leading investment institution. While investing is central
to IFC’s activities in Russia, private sector advisory work has plays
a key role in IFC’s work in the country. This advisory work is possible
only with the participation and partnership of the donor countries. “At
IFC we value these partnerships, and we are committed to creating optimal
synergies and maximum value from our joint efforts. We are consequently
very pleased to welcome Iceland as a new partner in Russia,” added Edward
Nassim.
Iceland joins donor agencies from 11 other countries that fund IFC’s Private
Enterprise Partnership programs. Currently the Partnership is implementing
over 30 projects in 11 countries with donor funding from Austria, Canada,
Finland, Germany, Iceland, Japan, the Netherlands, Norway, Sweden, Switzerland,
the United Kingdom, and the United States.
IFC established the Partnership in 2000 as a continuation of the technical
assistance programs IFC has been carrying out in the former Soviet Union
since 1992. Together with its donor partners, the Partnership helps private
companies and governments attract private direct investment, stimulate
the growth of small and medium enterprises, and improve the business-enabling
environment. To achieve these objectives, the Partnership works to integrate
small and medium companies into the supply chains of large companies, develops
financial markets with a strong emphasis on leasing, improves corporate
governance practices and regulations, and improves business support services
and regulatory environment for small and medium businesses.
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