Maputo, January 10, 2005— Mr. Peter
Woicke, World Bank Managing Director and Executive Vice President of the
International Finance Corporation, the private sector arm of the World
Bank Group, will visit Mozambique, January 11-13, 2005.
The visit underlines the importance and continuing commitment that IFC
attaches to its partnership with Mozambique. Mr. Woicke’s program will
include meetings with the Prime Minister and a number of ministers and
consultations with local private sector representatives, donors, and IFC
clients. Mr. Woicke will be accompanied by Mr. Richard Ranken, IFC director
These meetings will give Mr. Woicke an opportunity to discuss economic
and social developmental priorities for the country and to explore how
the business environment can be improved for increased private sector development.
IFC’s strategic priorities for Mozambique include improving the business
and financial environment for micro, small and medium enterprises through
donor-funded technical assistance.
IFC recently made an investment in Roundabout Outdoor Ltd. for the construction
of playpumps in Mozambican primary schools. Playpumps are innovative,
low-tech devices that serve as both children’s merry-go-rounds and sources
of rural water supply. In addition, IFC successfully concluded a mandate
advising the Government of Mozambique on the selection of a coal developer
for the Moatize Coal Deposit in Tete Province. The winning bidder, a consortium
headed by Companhia Vale do Rio Doce (CVRD) of Brazil, bid $122.8 million
for the rights to explore and develop the coal deposit.
The mission of IFC (www.ifc.org) is to promote sustainable private sector
investment in developing countries, helping to reduce poverty and improve
people’s lives. IFC finances private sector investments in the developing
world, mobilizes capital in the international financial markets, helps
clients improve social and environmental sustainability, and provides technical
assistance and advice to governments and businesses. From its founding
in 1956 through FY04, IFC has committed more than $44 billion of its own
funds and arranged $23 billion in syndications for 3,143 companies in 140
developing countries. IFC’s worldwide committed portfolio as of FY04 was
$17.9 billion for its own account and $5.5 billion held for participants
in loan syndications.
In FY04, IFC committed 25 projects in 12 countries in the Sub-Saharan Africa
region for a total amount of $407 million. IFC’s total committed portfolio
for the region as of June 30 was about $1.8 billion.