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Financier sets up in Phnom Penh

Financier sets up in Phnom Penh

C AMBODIA has become the newest member of the International Finance Corporation (IFC)

- the largest multilateral source of equity and loan financing for private sector

projects in developing countries.

A delegation from the World Bank affiliated group visited Phnom Penh Dec 8-11 as

part of its launch of the Mekong Project Development Facility (MPDF).

MPDF is an IFC-managed regional facility that will assist small- and medium-sized

business in the region by providing technical assistance and training, particularly

in project analysis and financing.

It encourages private sector activity in developing countries by financing private

sector projects through international financial markets, and providing advice and

technical assistance to businesses and governments.

While IFC does not expect a "flood of investment" into Cambodia, its presence

represents a "source of comfort for investors," said Harold Rosen, Manager

of IFC's Southeast Asia region.

MPDF has a five-year, $25 million budget, and investments will range from $250,000

to $1 million. The IFC is particularly interested in financing and investing equity

in tourism, power, and construction materials projects, according to Vice President

Carolyn Lee.

Australia provided $340,000 to support Cambodia's membership in the IFC. The organization

will open an office in Phnom Penh within several months.

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