BAMAKO, MALI, February 13, 2004— Mr.
Assaad Jabre, Vice President, Operations of the International Finance Corporation
(IFC), the private sector arm of the World Bank Group, will visit Mali
from February 16-18, 2004. Mr. Jabre’s visit will focus on assessing opportunities
for IFC investments and advisory services, together with consulting with
government ministers, local private sector representatives, industry leaders
as well as IFC clients.
The visit underlines the importance and continuing commitment that IFC
attaches to its partnership with Mali. Mr. Jabre will be accompanied by
Mr. Thierry Tanoh, IFC associate director for Africa. Mr. Jabre’s program
will include meetings with the president and prime minister of Mali, and
calls on the ministers of economy & finance, private sector development,
mining, transport, energy & water minerals and communications.
Meetings with the government of Mali will give Mr. Jabre an opportunity
to introduce IFC’s new Africa strategy, discuss economic and social developmental
priorities for Mali, and explore with the government how IFC can help further
improve the business environment for increased private sector development
and, in turn, hasten private sector job and wealth creation to reduce poverty
and boost opportunities for the economic advancement of Malians.
Mr. Jabre will also meet representatives from the Private Sector Association
(PSEP), the chamber of commerce & industry, the banking association,
and visit IFC clients, Anglo Gold, Graphique Industrie, and Société Malienne
de Promotion Hôtelière - a local trading company, specializing in tourism,
that IFC signed a E1.5 million investment commitment in 2003 to finance
the renovation of the Grand Hotel, Bamako.
IFC supports sustainable private sector development in Mali through both
actual investments and performing private sector and investment advisory
work. Since its first investment in 1956, IFC has committed financing to
projects in Mali amounting to $45 million as of FY 2003 - including $20
million from its own account and $25 million for the account of banks participating
in syndicated loans.
IFC’s strategic priorities for Mali include helping the private sector
grow by investing in key export sectors such as mining and tourism; providing
advisory services to the government’s privatization program in key infrastructure
sectors; and improving the business and financial operating environment
for micro, small and medium-size enterprises (MSMEs) by, for example, investing
in transportation and warehousing sectors.
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 FY03, IFC has committed more than $37
billion of its own funds and arranged $22 billion in syndications for 2,990
companies in 140 developing countries. IFC’s worldwide committed portfolio
as of FY03 was $16.8 billion for its own account and $6.6 billion held
for participants in loan syndications.
Note to Editors: A press conference will be held at the
Center for the Private Sector for Mr. Jabre in Bamako on Wednesday, February
18 at 12 noon. For details please contact Ms. Judith Press,
World Bank Resident Representative in Mali:
Centre Commercial Rue 32
Quartier du Fleuve
Tel: (223) 222 22 83
Fax: (223) 222 66 82
Enc: Biography of Assaad Jabre
Vice President, Operations, IFC
Assad Jabre, a Lebanese national, is Vice President, Operations of the
International Finance Corporation (IFC), the private sector affiliate of
the World Bank Group. He is responsible for new investments worldwide.
He also oversees, on behalf of IFC, the private sector advisory services
of the World Bank Group.
Mr. Jabre joined the World Bank Group in 1980 through the Young Professionals
Program. Upon completion of the program, he joined IFC as an investment
officer, where he worked on projects in Africa, Europe, and the Middle
From 1989 to 1992, Mr. Jabre served as special assistant to IFC’s executive
vice president. He was then appointed manager, telecommunications, in the
infrastructure department, where he served until he got appointed as director
of the infrastructure department in 1996.
In 1997, Mr. Jabre became vice president, portfolio management and advisory
operations, where he took responsibility for managing IFC’s loan and equity
portfolio. He got appointed to his current position in 2000.
Mr. Jabre graduated from the Institut d’Etudes Politiques de Paris with
a degree in economics and finance, and he also received a degree in international
law from the University of Paris. He Worked for Paribas in Paris for four
years before entering the Wharton School, University of Pennsylvania, where
he received an MBA in 1980.