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Moscow, Russia, September 19, 2013
—IFC, a member of the World Bank Group, is providing DeltaCredit Bank, a long-time IFC partner and subsidiary of Société Générale, with a $70 million loan to help the bank expand mortgage lending in Russia and boost the country’s housing market.
While increasing lending to homeowners, IFC’s investment will also support energy efficiency, with part of the loan earmarked for mortgages on homes built to be more energy efficient. This will promote environmentally sustainable buildings and reduce Russia’s energy consumption. IFC’s loan may be disbursed in Russian rubles.
“DeltaCredit Bank always strives to create opportunities for the people of Russia to improve their living conditions,” said Serge Ozerov, CEO DeltaCredit Bank. “The loan provided by our partner, IFC, is another example of a mutual effort to expand mortgage financing in the country and make this instrument a more popular and affordable source of stability for families.”
Tomasz Telma, IFC Director for Europe and Central Asia, said, “The Russian housing finance market is still underdeveloped. IFC’s long-term loan will allow DeltaCredit Bank to provide much-needed financing to homeowners, helping improve living standards across Russia and promoting the nascent market for energy efficient housing finance.”
Russia became a member and shareholder of IFC in 1993. Since then, IFC has invested more than $11 billion in the country, including $3.3 billion in syndicated loans and other forms of mobilizations, and has been involved in 294 projects across a variety of sectors. IFC’s investment portfolio in Russia stands at $2.2 billion.
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
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About DeltaCredit Bank
DeltaCredit is the first private bank in Russia specializing in mortgage loans. It has been successfully operating in the market since 1998. The bank provides mortgages in the primary and secondary real estate markets across the country via its own representative offices and with the help of a wide network of partner banks. DeltaCredit is part of the Société Générale Group and is one of Russia’s three largest banks in terms of issued loans. For more information, please visit
www.deltacredit.ru
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