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PRESS ADVISORY: HEAD OF IFC TO VISIT RUSSIA


Amy Conran
Phone: (202) 473-9119
Fax: (202) 974-4384
E-mail: aconran@ifc.org


WASHINGTON, D.C., June 3—Mr. Jannik Lindbaek, Executive Vice President of the International Finance Corporation (IFC), will lead an IFC delegation to Russia from 4 to 6 June, 1997. During his visit, Mr. Lindbaek will meet with government and industry leaders to discuss IFC's ongoing activities in Russia.
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 countries and countries in transition. The Corporation has approved investments of US$371. million in Russia's private sector. These investments include US$169.5 in the manufacturing sector, US$91.6 in oil, gas & mining, US$7.5 million in infrastructure, USmillion $12 in agribusiness and US$90.5 million in capital markets.

During the next year IFC will focus its investments in several sectors. IFC will assist in attracting foreign direct investments to the manufacturing sector. Support will also be provided to infrastructure and to oil, gas and mining projects. Credit lines to commercial banks for on-lending to small private sector projects will be expanded and so will support for security market institutions. IFC will also continue its pioneering land privatization work.

Mr. Lindbaek will meet with senior government officials and business representatives including the First Deputy Prime Minister Boris Nemtsov.

Accompanying Mr. Lindbaek will be Ms. Carol Lee, Vice President and General Counsel, and Mr. Edward Nassim, Director of the Europe Department.