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Michael D’Arcy, Minister for Financial Services today welcomed the agreement between the International Finance Corporation (IFC), a member of the World Bank Group, and the Ireland Strategic Investment Fund (ISIF) to work together to promote investments by Irish companies in emerging markets.

Minister D’Arcy noted:

I welcome the signing of the Memorandum of Understanding between IFC and ISIF. I am confident that this partnership will provide a positive platform to explore and develop opportunities for cooperation. I’m sure that this collaboration will deliver mutually beneficial outcomes, contributing to IFC’s commitment to encourage private sector development in developing countries and ISIF’s support to the economic growth of Irish enterprises through their expansion into emerging markets.

Background

The Memorandum of Understanding (MOU) facilitates collaboration between IFC and ISIF, enabling Irish companies to benefit from emerging markets growth opportunities. This collaboration will focus initially on investment opportunities in the food and agriculture sectors. Under the terms of the MOU, investments by Irish companies and investors in emerging markets will be promoted by IFC and ISIF through:

• Increasing Irish investors awareness of IFC’s investment products and services; and
• Identifying co-investment opportunities with Irish companies, that are consistent with the mandates and strategies of IFC and ISIF, and that have the potential to promote economic cooperation and inclusive and sustainable growth.

About International Finance Corporation (IFC)

IFC, a sister organization of the World Bank and a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity.
For more information, visit www.ifc.org


About Ireland Strategic Investment Fund (ISIF)

The Ireland Strategic Investment Fund (ISIF), managed and controlled by the National Treasury Management Agency (NTMA), is an €8.7 billion sovereign development fund with a unique mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. ISIF differs from other pools of capital as it has a long investment time horizon and can act as a permanent or patient source of long-term capital. ISIF funding provides flexibility throughout the capital structure to meet changing capital needs in the marketplace.

For more information, please visit http://isif.ie.