DEC 15 1987
A U. S. $2.8 million increase in the equity capital of Industrial Promotion Services S.A. (Ivory Coast) was signed at Aiglemont on December 15, 1987.
The new subscription is taken up by the Aga Khan Fund for Economic Development (AKFED), the International Finance Corporation (IFC), the Deutsche Finanzierungsgesellschaft fur Beteiligungen in Entwicklungslandern GmbH (DEG) and the Compagnie Financiere de la Cote D'Ivoire (COFINCI).
The agreement was signed by Mawlana Hazar Imam as Chairman of AKFED, by Sir William Ryrie, Executive Vice-President of IFC, by Mr. Horst Schroder, Managing Director of DEG, by Mr. Jochim Richmond, President Director General of COFINCI, and by Mr. Adjabali Kassam, Chairman of IPS (Ivory Coast).
The capital increase brings total equity in IPS (Ivory Coast) to U.S.$4.2 million. The company will use it to expand its activities in the private sector of West African economies and to widen its venture capital operations through equity and similar kinds of participation in new growing enterprises. The company will also provide consultancy and management services. In addition it will assist local entrepreneurs to prepare project proposals to mobilize local and foreign finance.
Until now IPS (Ivory Coast) has been involved in promoting and managing companies manufacturing packaging and building materials in the Ivory coast.
During a brief signing ceremony, Mawlana Hazar Imam underlined that the new agreement was the fruit of "the wise and open policy practiced by the Ivory Coast that had produced stable economic conditions for both foreign and international capital."
Ambassador Eugene Aidara transmitted a personal message of "friendship and admiration" to Hazar Imam from the President of the Ivory Coast, Felix Houphouet Boigny. Ambassador Aidara also praised the rigor of IPS's developmental efforts in his country.
Sir William Ryrie, Chief Executive of the International Finance Corporation said he was delighted to be associated with this venture with AKFED which furthered one of the IFC's principal objectives in Africa - that of finding efficient ways of helping smaller businesses. "The future of the private sector in Africa must lie with the many companies that are now small but will one day be larger," he said.
Mr. Horst Schroder, Managing Director of DEG, said that the Ivory Coast was one of the most important countries for DEG investment and for German private investment in general. He welcomed the opportunity of working with AKFED with which DEG has now signed seven joint projects, he said.
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