Vienna, December 3, 2010—IFC, a
member of the World Bank Group, and the Development Bank of Austria, Oesterreichische
Entwicklungsbank (OeEB), today signed an agreement to formalize their ongoing
cooperation in financing private sector development in emerging markets.
IFC’s Master Cooperation Agreement promotes increased collaboration with
organizations such as OeEB to help standardize steps that lenders take
when joining IFC to cofinance projects in developing countries. It
also helps increase efficiencies and saves borrowers and lenders time and
costs throughout the lifetime of a loan.
Only seven other institutions have signed such agreements with IFC—the
Belgian Investment Company for Developing Countries, France’s Société
de Promotion et de Participation pour la Coopération Economique; Germany’s
Deutsche Investitions- und Entwicklungsgesellschaft mbH; the Developmental
Bank of Japan, the Netherland’s Nederlandse Financierings-Maatschappij
Voor Ontwikkelingslanden N.V., the OPEC Fund for International Development,
and most recently the Black Sea Trade and Development Bank.
“Austria is very pleased to join the select group of countries that have
formalized their cooperation with IFC,” said Michael Wancata, member of
OeEB’s Executive Board. “This agreement should make Austrian development
assistance even more effective.”
Thierry Tanoh, IFC Vice President for Sub-Saharan Africa, Latin America
and the Caribbean, and Western Europe, added: “Increasingly the
private sector is seen as a source of solutions for some of today’s most
difficult development challenges. Working with important partners
such as OeEB to improve access to finance for entrepreneurs will help create
the jobs necessary for economic development and poverty reduction.”
The signing of the Master Cooperation Agreement comes shortly after OeEB
signed its first syndicated loan with IFC in November 2010, for a geothermal
energy project in San Jacinto, Nicaragua. It is part of Austria’s
long-term relationship with IFC. Austria provides expertise through
IFC Advisory Services programs, and Austrian firms and banks, including
OeEB, work with IFC on investment projects in emerging markets worldwide.
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in developing countries. We create
opportunity for people to escape poverty and improve their lives. We do
so by providing financing to help businesses employ more people and supply
essential services, by mobilizing capital from others, and by delivering
advisory services to ensure sustainable development. In a time of global
economic uncertainty, our new investments climbed to a record $18 billion
in fiscal 2010. For more information, visit www.ifc.org.
Oesterreichische Entwicklungsbank AG (OeEB) has been operating as the official
Development Bank of Austria since March 2008. It is specialized in the
provision of long-term finance for the implementation of private sector
projects in developing countries which create sustainable development.
OeEB provides tailor-made financing solutions for a diverse set of long-term
investments that would otherwise find it difficult to raise funding or
borrow money in international capital markets. Additionally, OeEB
provides technical assistance (advisory programs) to enhance the developmental
impact of projects. For more information, visit www.oe-eb.at.