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Subject: Lusa: Portuguese aid paves way for 'significant' investment
East Timor: Portuguese aid paves way for 'significant' investment
Dili, April 28 (Lusa) - East Timor will soon be eligible for
significant private foreign investment under a World Bank scheme, the
Portuguese embassy in Dili announced Wednesday.
Timor had wanted to join the International Finance Corporation (IFC),
part of the World Bank Group, but had been unable to pay the necessary
subscription.
The IFC functions as an investment bank and is the World Bank`s
intermediary with the private sector in developing nations.
Portugal has paid the USD 770,000 joining fee out of its 2004 aid
package to Timor and the world`s newest nation can now bid for
"significant" overseas investment projects that will have a
"decisive" contribution to its development, said a statement
from Portugal`s Dili diplomatic mission.
Lisbon`s development aid to Timor this year totals USD 32 million and
is primarily aimed at boosting the teaching of Portuguese and bolstering
its former colony`s institutions.
EL/CJB Lusa
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