*The International Finance Corp., the World Bank affiliate that assists private-sector initiatives in developing countries, has approved a $2.05 million equity investment to help establish a venture-capital fund in Argentina.
The fund and its management company, which were jointly designated as Inversiones Industriales Venture Capital Project, will have initial capital of $10 million to invest in medium-sized Argentine companies and new ventures.
The major Argentine sponsors, who initially will be providing more than $3 million in equity, are Banco Roberts SA, a leading bank in the country's capital markets; La Bueno Aires Compania de Seguros SA, the largest private insurance company in Argentina, and two holding companies -- one with investments in steel and other industrial sectors, the other with a diversity of investments, including, food, chemicals and textiles.
The new fund is intended to ameliorate the country's current shortfall in equity capital, the IFC said. The project will introduce the concept of professional management of risk capital through a specialized management company.
*The Inter-American Development Bank has announced the 27th annual meeting of the board of governors will take place in San Jose, Costa Rica, from March 24 to 26.
The meeting of the Washington-based development institution's top policy-making body is expected to draw more than 2,000 participants from government, development institutions, commercial banks and private enterprises.