Washington, January 25, 2006— The
International Finance Corporation (IFC), the private sector arm of the
World Bank Group, recently signed an agreement with InfraCo, a U.K.-based,
donor-funded infrastructure development group, for a $30 million line of
credit to support the identification and development of infrastructure
investments and attract increased private sector investment in frontier
Infrastructure investment in the poorer
developing countries is insufficient to fund needs, leaving millions without
access to basic services. Some regions, particularly Africa and parts of
Asia, have not had the same levels of private investment in public services
as other parts of the developing world.
InfraCo was established by the Private
Infrastructure Development Group (PIDG), which is a collaboration of donor
governments and multilaterals, including DFID (United Kingdom), SECO (Switzerland),
SIDA (Sweden), DGIS (the Netherlands), and the World Bank. Working
in partnership with local and international sponsors, InfraCo’s aim is
to enable and support the mobilization of private sector investment and
engagement in the provision of infrastructure and basic services. InfraCo
is currently developing projects in the water, energy, transport and other
sectors in Ghana, Nigeria, Uganda, and Vietnam.
“IFC is delighted to partner with InfraCo
on this important initiative that will help fill a void in the market.
By supporting the upstream development of private infrastructure
projects, InfraCo will help attract much needed capital and commercial
financing to these sectors in Sub-Saharan Africa and frontier countries
in Asia,” said Francisco Tourreilles, Director of IFC’s Infrastructure
Keith Palmer, Chairman of InfraCo, commented,
“IFC’s support in helping us address the market need for bankable, well-developed
projects in critical infrastructure for underserved markets is very welcome.
We look forward to developing a strong collaboration.”
The International Finance Corporation
is the private sector arm of the World Bank Group and is headquartered
in Washington, D.C. IFC coordinates its activities with the other institutions
of the World Bank Group but is legally and financially independent. Its
178 member countries provide its share capital and collectively determine
The mission of IFC is to promote sustainable
private sector investment in developing and transition 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 FY05, IFC has committed more than $49
billion of its own funds and arranged $24 billion in syndications for 3,319
companies in 140 developing countries. IFC’s worldwide committed portfolio
as of FY05 was $19.3 billion for its own account and $5.3 billion held
for participants in loan syndications. For more information, visit www.ifc.org.
About InfraCo Limited
InfraCo Limited is based in London.
The Private Infrastructure Development Group (www.pidg.org)
supports a variety of innovative initiatives to boost the development of
infrastructure in emerging markets. It consists of a group of European
Countries including the Netherlands, Sweden, Switzerland, and the United
Kingdom, as well as the World Bank Group. For more information visit: