LITHUANIA JOINS THE INTERNATIONAL FINANCE CORPORATION
Asimina Caminis
WASHINGTON, D.C., Jan. 15 -- The Republic
of Lithuania joined the International Finance Corporation (IFC) today.
Lithuania's Ambassador to the United States, Stasys Lozoraitis, signed
IFC's Articles of Agreement during a ceremony in Washington. Lithuania
is the 151st country to join IFC, which is a member of the World Bank Group
and the largest source of financing for private sector projects in developing
countries. Lithuania's subscription to IFC's share capital is $819,000.
The Corporation's total authorized capital is $2.3 billion. According to
Wilfried E. Kaffenberger, IFC Vice President for Operations, IFC plans
to finance export-oriented joint ventures between Lithuanian enterprises
and foreign investors in industries where Lithuania has a competitive advantage.
Several projects are currently under consideration. IFC sent its first
mission to Lithuania in February 1992. It also participated in a World
Bank mission that studied the country's capital markets and recommended
financial sector reforms. The F
oreign Investment Advisory Service, which is jointly operated by IFC, the
World Bank, and the Multilateral Investment Guarantee Agency, completed
a study of the environment for foreign direct investment in the country
in November 1992. Lithuania is the first of the Baltic republics to join
IFC. (30)
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