WASHINGTON, D.C., Aug. 24 -- Mr. Bernard Pasquier, Manager, Africa Department
of the International Finance Corporation (IFC) will visit Cape Verde on
a promotion mission from August 26 to 30, 1995.
In Cape Verde, Mr. Pasquier will meet with potential clients and with Government
officials to discuss the priorities of the country and the role of the
private sector. Mr. Pasquier will review IFC's existing investments and
will also participate in the production of a video on the Africa Enterprise
Fund (AEF), a special facility set up by IFC to provide financing to small
and medium scale enterprises (SMEs). The AEF has had a significant developmental
impact on the region. The video will be used as promotional support for
the development of SMEs in Africa through the AEF.
SMEs constitute the central element of IFC's strategy in Cape Verde where
the Corporation is looking at export-oriented light industries and services
as well as the financial sector. IFC is also assisting the Government in
its efforts to privatize and further liberalize the economy. IFC covers
Cape Verde from its Western Africa regional office in Abidjan, Cote d'Ivoire.
IFC has invested in two projects in Cape Verde, a shoe factory and an hotel.
IFC provided a loan of US$1 million to Growela to set up a US$4 million
manufacturing facility to produce about 400,000 pairs of shoes per year
for export to Europe. The project has generated local employment for over
IFC has also provided a US$0.9 million loan to build a 50-room four-star
hotel in Praia, the capital of Cape Verde, which lacks hotel accommodation
of an international standard. The total project cost is estimated at about
US$4.2 million. The hotel expects to generate local employment and foreign
exchange earnings of about US$1.3 million.
IFC is a member of the World Bank Group and is the largest multilateral
source of equity and loan financing for private sector projects in developing