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IFC AND APDF OPEN BRANCHES IN GHANA


Asimina Casinis


WASHINGTON D.C., May 14 -- The International Finance Corporation (IFC) and the Africa Project Development Facility (APDF) have announced the opening of new branches in Accra, Ghana. According to Irving Kuczynski, Director of IFC's Sub-Saharan Africa Department, "the business environment in Ghana is very favorable," leading to growing demand for the services of IFC and APDF. The new branches will handle the Ghana operations of IFC and of APDF. IFC, a member of the World Bank Group, is the largest single source of debt and equity financing for private sector projects in developing countries. In 1989 it launched a special program, the Africa Enterprise Fund, to finance smaller projects with costs ranging between $250,000 and $5 million. APDF, which was established in 1986 by IFC, the United Nations Development Programme, and the African Development Bank, provides advice to African entrepreneurs seeking to start new businesses or expand existing ones and helps them raise financing for their projects. Financing fo
r APDF is provided by the three sponsoring agencies and fifteen industrial countries. APDF's new branch in Accra is being financed entirely by USAID. APDF has been very active in Ghana and has helped raise financing for fifteen projects. IFC has a widely diversified portfolio in Ghana. This includes substantial financing of gold projects and investments in the industrial sector including steel and aluminium fabrication, brewing, and light industry projects. IFC also has a substantial hotel investment and two investments in pineapple plantations. In addition, it has provided technical assistance for capital market development and has invested in four financial institutions. - More - Press Release No. 93/71, APDF-Ghana Page two of two The branches will be managed by IFC's Regional Mission for West and Central Africa and APDF's office for West Africa, both of which are located in Abidjan, Cte d'Ivoire.


Please address inquiries to: Mr. Thomas Davenport Mr. Wolfgang Bertelsmeier APDF IFC PMB CCC 21 Patrice Lumumba Road Achimota Road Roman Ridge Accra, Ghana Private Mail Bag (PMB) CCC 21 Telephone: (233-21) 229681 Accra, Ghana Fax: (233-21) 227887 Mobitel (233-27) 554552 (30)

Africa Project Development Facility