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IFC and InfraCo Partnering to Increase Infrastructure Investment in Africa


In Washington DC
Ann Pasco
Phone: (202) 473 9167
Email: apasco@ifc.org


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 markets.

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 Department.

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.”

About IFC
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 its policies.

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: www.infracolimited.com.

InfraCo, London
Richard Parry
Phone: (1) 44 207 717 8582
Email:richard.parry@infracolimited.com