IFC to help promote Yogyakarta`s investment opportunities

Yogyakarta (Antara News) - The International Finance Corporation (IFC), the World Bank`s private sector division, will help promote investment opportunities and create fields of employment in Yogyakarta, an IFC official said.

The IFC would set up an investment promotion body to lure foreign business to Yogyakarta, country manager Adam Sack said after signing a joint communique with Yogyakarta Governor Sultan Hamengkubuwono X here Wednesday.

The corporation would also make an assessment of existing regulations, organizational structure, human resource, fund and regional potentials as well as make recommendations on Yogyakarta promotion investment performance and its method, he said.

Meanwhile, Sultan Hamengkubuwono said the plan had yet to be covered by a memorandum of understanding.

The cooperation between Yogyakarta and the IFC did not mean that the World Bank agency would provide the tradition-rich province with money or capital but it would support Yogyakarta`s investment promotion. (*)
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