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Board of International Finance Corporation, private-sector arm of World Bank Group, approves investing up to $32.5 million in undersea fiber-optic cable project that is designed to connect 21 African countries; cable system is to link sub-Saharan Africa to Internet and telecommunications services

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In some developing countries, onrushing capitalism is colliding with educational systems and culture and there are simply not enough qualified candidates to go around.

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Consortium led byÿ

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Editorial praises International Finance Corp and banks it works with for attaching certain rules to loans they make for development projects in poor countries, such as rules requiring environmental reviews for projects and full compensation for people who are displaced by them (National Edition)

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An internal evaluation of the International Finance Corporation, the World Bank Group’s private-sector arm, found that projects in Africa had performed below average.

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International Finance Corp, part of World Bank, plans to acquire as much as 13 percent of Cia de Cemento Argos SA of Colombia for $60 million to help Colombia’s economy at time of political violence

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Bharti Tele-Ventures, leading company in India’s booming telecommunications market, begins country’s first significant initial public offering in two years; gets off to good start by collecting bids for about 60 percent of shares to be offered; among Bharti’s backers are Singapore Telecommunications, Warburg Pincus, New York Life and International Finance Corp; foreigner investors own 49 [...]

World Bank Arm LifÔ

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International Finance Corp, World Bank’s private investment arm, will invest $10 million for much as 15 percent of PT Bank, one of Indonesia’s strongest banks

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Anglo American PLC completes its withdrawal from Zambian copper industry, closing books on failed investment that in little more than two years will have cost company about $358 million; Anglo will pay Zambian government $30 million, and will buy out other minority shareholders International Finance Corp and Commonwealth Development Corp for $25.4 million each, turning [...]