Washington, D.C., March 19, 2014
—Hungary has agreed to provide $20 million to IFC, a member of the World Bank Group, to help the private sector in Asia, the Middle East and North Africa, and the Balkans tackle some of the world’s most pressing development challenges.
The pledge by the Hungarian Export-Import Bank marks the first time Hungary has made a financial contribution to support IFC’s Advisory activities. The funds will support projects in agribusiness, health, and water management in countries ranging from Kazakhstan and Vietnam to Egypt and Albania.
"This is a particularly important event in the life of EXIM, and also for the whole Hungarian economy. Hungary will be the first country in the Central European region to join a group of developed nations that have achieved huge success by working with IFC," said Roland Nátrán, Chief Executive Officer of the Hungarian Export-Import Bank. "This is the first step for Hungary to support international development through the private sector."
Anita Bhatia, Director of Development Partner Relations for the World Bank Group, said: “We are excited to be partnering with Hungary in pursuit of common strategic objectives. This partnership will allow us to contribute to the World Bank Group’s twin goals of ending extreme poverty and boosting shared prosperity through targeted interventions in key sectors. It also opens the door for Hungary to potentially partner with the Group through different platforms including Global Practices, Syndications or other means through which they can leverage the private sector to achieve greater impact.’’
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
