World Bank arm pumps US$1.44b into Asian works

PUBLISHED : Thursday, 28 September, 1995, 12:00am
UPDATED : Friday, 28 October, 2016, 9:17am

FUNDING company International Finance Corp (IFC) will pump US$1.44 billion into various new projects to exploit the thriving Asia market.

The investment is to run 45 ventures in 10 Asian countries including China, Vietnam, India and Thailand.

Executive vice-president Jannik Lindbaek said: 'The developing world's private sectors continue to show tremendous strength and energy. This is what is driving IFC's strong expansion and continued innovation.' IFC, a private sector arm of the World Bank, specialises in funding private ventures in Third World countries and providing advisory services to their governments.

More than 25 per cent of the projects would involve contributions for the infrastructure sector, covering power and water supply, telecommunications and transport, paving ways to boost tertiary business in these countries.

A $5 million venture in Vietnam's first private port, for instance, will help alleviate congestion at Saigon Port and stir economic activity along the Thi Vai River.

Another project, at $8.3 million, would develop a nationwide telecommunications network in India.