L. Joseph
Phone:  (202) 473-7700
Fax:  (202) 974-4384
E-mail:  ljoseph@ifc.org


Manila, Philippines, October 18, 2001—The International Finance Corporation has signed an agreement with Filinvest Alabang (FAI) to provide a US$22 million loan to finance the development of Northgate Cyberzone, an Information Technology park in the Philippines.  This is IFC’s first investment in an IT park.

Northgate Cyberzone was accredited by the Philippine Economic Zone Authority as a special economic zone in July 1999.  It is part of a 244-hectare Filinvest Corporate City development, a burgeoning central business district in southern Metro Manila.  Northgate Cyberzone has been operational since December 2000 with two completed IT buildings and a fully functioning network operating center.

IFC’s debt financing comes amid economic uncertainties caused by a global downturn.  “The loan agreement reflects IFC’s continuing confidence in the Philippine economy in general, and specifically, in this project,” said Sergio Pimenta, IFC’s Country Manager in the Philippines.  “We believe that the IT park will provide macro benefits such as creating high value jobs and sustaining the competitive edge of skilled Filipino workers.”

“We are optimistic about the overall prospects of the IT industry in the Philippines,” said Josephine Gotianun-Yap, Executive Vice President of FAI.  “Northgate Cyberzone’s total IT environment, especially its operating infrastructure, puts us at the forefront in terms of addressing the needs of IT companies.”

IFC’s mission is to promote sustainable private sector investment in developing 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, and provides technical assistance and advice to governments and businesses.  Since its founding in 1956, IFC has committed more than $31 billion of its own funds and arranged $20 billion in syndications for 2,636 companies in 140 developing countries.  IFC’s committed portfolio at the end of FY01 was $14.3 billion.