text: expenditure€ alEo had been ntde in o1l- and gas exploration, technical assistance for the inproved organlzatlon and managenenC of its appropriate institutlons ln the developing countries, and the negotlation of exploration and developnent agreenents nich forelgn prieate aec Eor investors. 44. The Bankra peeroleun lending programme grew rapidly since its inception in L977. Betseen 1977 and 1984 about 70 projects had been approved involving about $3.3 billion in about 50 developing countrie6. fn general. the main expectations had been realized, although reEulCE have been uneven. On the one band, assistancefor petroleun infrastruccure, sucb as gas transmission and diseribution systens, aswell as support for exPloratlon and production investments by State pelroleum enlerprises pfoved ouick to materlallre and be implenented. On the other, thepolicy changea and progrannes designed to attract foreign risk capital for exploration took Iongcr to design, lnplernent and produce resufla. The initially slow response by tbe prlvate sector may be cbanging in viel, of recent exanples of successful co-financing arrangetlents rrith conmerclal banks for a petroleurn project in Hungary, as ue1l as the Bankrs partlclpation in petroleun projects in Colonbia,the fvory Coast and Thailand nith different transnaLional oil corporatlons. 45. A new init.iatlve ln the financing of oil and gas exploration in the developing countries waa presented to the Symposi urn by the fnternational Flnance Corporatlon(IIE), an afflllate of the WorLd Bank. IFC had concluded that a serious initiativein energy exploration and development, with parCicular enpbasis on oil and gas, rraB possible by nobilizing substantially gr€ater private investments, partj.cularly fron Cbe so-called "independenln oil cornpanies. fFC believed that on the basis of geological prospects, a ahift in exploration and developnrent activiEles Eo developing countries nould be Justified. IFc equity commitments for exploratlon of
analysis: The text appears to be discussing the World Bank's initiatives and projects related to oil and gas exploration and development in developing countries. It highlights the growth of the Bank's lending program, the challenges faced in attracting foreign investment, and the potential for increased private investment through initiatives such as co-financing arrangements and equity commitments. The text also touches on the importance of institutional support and infrastructure development in the sector.