IFC EXPANDS PRESENCE IN RUSSIA AND UKRAINE
Amy Conran
Phone: (1-202) 473-9119
Fax: (1-202) 676-0365
E-mail: AConran@Worldbank.org
WASHINGTON, D.C., Oct. 2--The International
Finance Corporation announced today that Mr. Edward Nassim, currently Director
of IFC's Europe Department, will relocate to Moscow to serve as Resident
Director with operational authority to develop and carry out IFC's program
in Russia, Ukraine, Armenia, Belarus and Georgia. Mr. Nassim's move marks
the first time in IFC's forty-year history that a Director has been stationed
outside of Washington.
"IFC's expansion will allow the Corporation to more effectively implement
its investment and privatization work in the region," said Mr. Nassim.
"We have seen a substantial increase in investor interest, particularly
in Russia. In fact, our pipeline of prospective investments in Russia is
significantly larger than our existing portfolio. We plan to be more actively
engaged in investments focused on the restructuring and modernization of
the region's industries. We also will continue to follow up on our successful
work in the area of privatization of land and businesses."
IFC has been active in the region since 1991 and has about 430 staff on
the ground in: Moscow, Nizhny Novgorod, Oryol, Rostov, Kirov and Volgograd
in Russia; Kiev, Donetsk, Dnepropetrovsk, Kharkiv, Sumy, Zhitomir and the
Republic of Crimea in Ukraine; and Minsk, Baranovichi, Brest, Gomel, Grodno,
Lida, Orsha and Vitebsk in Belarus. Most of IFC's staff are assisting privatization
efforts with funding support from the British Know How Fund. In Russia,
approximately 230 staff are working on land privatization and farm reorganization
initiatives which have so far led to the reorganization of 174 farms with
70,000 members covering 600,000 hectares. In Ukraine, approximately 150
staff are working on mass privatization and land privatization, where in
March, 1996, IFC land reform efforts resulted in the first legal model
for agricultural land privatization in Ukraine. In Belarus, nearly 70 staff
are providing small-scale privatization and small business support.
IFC's investment activities in the region have accelerated in recent years.
The Corporation currently has investment commitments outstanding to Russian
enterprises totaling US$235 million and commitments outstanding to Ukrainian
enterprises totaling US$20 million. Mr. Nassim will focus on accelerating
these activities and expanding IFC's initiatives to Armenia, Belarus and
Georgia.
IFC, a member of the World Bank Group, is the largest multilateral source
of equity and loan financing for private sector projects in developing
countries.
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