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
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.