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IFC and Portugal Launch Fund to Support Private Sector Growth in Africa, Asia


In London, UK:
Name Manuel Rosini

Phone: +44 20 7592 8422

Email:
mrosini@ifc.org


Lisbon, Portugal, June 29, 2009-IFC, a member of the World Bank Group, today signed an agreement with Portugal’s Ministry of Finance and Public Administration to establish a €500,000 (US$700,000) trust fund to support private sector development in six countries in Africa and Asia.

Through the trust fund, IFC and Portugal will support projects in Angola, Cape Verde, Guinea Bissau, Mozambique, Sao Tome and Principe, and Timor Leste. Portugal will provide capital for the fund, which will be managed by IFC.

The emphasis will be on providing advisory services to public and private sector partners in these Lusophone countries to help improve the  investment climate, promote the growth of small and medium enterprises, and support access to finance and infrastructure development..

Thierry Tanoh, IFC Vice President for Sub-Saharan Africa and Western Europe, said, “We welcome Portugal’s support for advisory services activities in Lusophone countries, particularly Timor Leste. Building long term partnerships with donors such as Portugal is a central element of our strategy to deliver targeted advisory services with strong development impact on the ground.”

Fernando Teixeira dos Santos, Portugal’s Minister of State and Finance, stressed his country’s commitment to reinforce and expand its cooperation and development support with Lusophone countries.


The Agreement was signed in Lisbon at the Meeting of Finance Ministers of the Community of Portuguese Speaking Countries, of which Portugal currently holds the Presidency.

About IFC

IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit
www.ifc.org.

About MFAP

The Ministry of Finance and Public Administration of Portugal is responsible for the institutional relations with the International Financial Institutions, among which the World Bank Group. It is also responsible for the management of the Integrated Programs for Cooperation and Technical Assistance in Public Finance (PICATFin), currently in implementation in Angola, Guinea Bissau, S. Tome and Principe and Mozambique.