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


HANOI, VIETNAM, Sept. 19—Mr. Assaad Jabre, Vice President of the International Finance Corporation (IFC) who is leading a delegation to Vietnam to meet government and industry leaders, announced in Hanoi today that IFC had just appointed its first Resident Representative to Vietnam.

Making the announcement at a press conference in Hanoi, Mr. Jabre said, "The appointment of Mr. Wolfgang Bertelsmeier as our first Resident Representative is further evidence of IFC’s long-term commitment and its belief in Vietnam’s future. I am confident that Mr. Bertelsmeier will continue to build on the excellent relationship between Vietnam and IFC."

Mr. Bertelsmeier, a German national, joined the World Bank as a Young Professional in May 1976 and held a number of positions, including Financial Analyst in the Industrial Projects Department from July 1977 to November 1981 and in the Energy Department from November 1981 to January 1985. He was Senior Financial Analyst in the Energy Department from January 1985 to July 1987 and in Asia II from July 1987 to October 1990. He joined IFC’s Africa Department as a Senior Investment Officer in October 1990 and, in September 1991, was appointed IFC’s Resident Representative in Abidjan, Cote d’Ivoire. In August 1994, he joined IFC’s Agribusiness Department as Principal Investment Officer. In this capacity, he has been responsible for a number of major agro-industry projects throughout Vietnam and has traveled to Vietnam several times.

Prior to joining the World Bank Group, Mr. Bertelsmeier, who has a Masters Degree in Business Administration, Economics and Banking from Frankfurt University, worked with the German financial institutions, Deutsche Entwicklungs Gesellschaft (DEG) and Deutsche Bank. Mr. Bertelsmeier is fluent in English, German, French, Spanish and Portuguese. He is married.

Mr. Bertelsmeier said, "I look forward to my position in Hanoi as the first IFC Representative for Vietnam. IFC is committed to building up the private sector in the country and I see my task as overseeing our investments and continuing the dialogue with the government to move the reform process forward. We are optimistic about the growing investment opportunities in Vietnam."

To date, IFC has approved investments in 18 projects in Vietnam with a total cost of US$1.3 billion. IFC is supporting these projects with debt and equity investments totaling US$468 million, including US$251.4 million of syndications with other financial institutions and US$217 million for IFC’s own account. The project sectors range from agro-industry, cement, ceramics, and the financial sector to glass manufacturing, ports, steel, and tourism.

IFC, a member of the World Bank Group, is the largest multilateral source of equity and loan financing for non-state sector projects in developing countries.