IFC Invests US$14 million to Develop Western RegionsThe International Finance Corporation (IFC), part of the World Bank Group, signed an agreement on June 7 with Norway Elkem Carbon (China) Co. Ltd. to invest US$14 million s to set up a new carbon factory in western China.Davin Mackenzie, IFC chief of mission in Beijing, said that the project is the largest single foreign investment in northwest China's Ningxia Hui Autonomous Region. According to Mackenzie, IFC has 37 projects in China with a total investment of US$2.6 billion since 1985 when IFC offered initial investments to China's private enterprises. Mackenzie said that China is now IFC's fastest growing client and its ninth largest client. IFC expanded operations to west China in 1994. IFC's major objectives in China include supporting reforms within state-owned enterprises, assisting hinterland provinces to attract foreign investment, and promoting the establishment of world-class private companies in remote areas. |
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