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Washington, D.C., October 13, 2014—
IFC, a member of the World Bank Group, and the Swiss Investment Fund for Emerging Markets (SIFEM) will streamline their collaboration to provide much-needed financing to private companies in emerging markets and help boost growth and jobs.
SIFEM is the 22nd development finance institution to sign IFC's Master Cooperation Agreement (MCA), which standardizes steps that lenders take when co-financing projects with IFC. This streamlined approach saves time and money for lenders and borrowers. Since the MCA was established in 2009, signatories have co-invested more than $3 billion in loans with IFC to support private sector development.
"SIFEM is pleased to join the MCA, which will further deepen the already excellent cooperation with IFC and increase our impact on the ground," said Jean-Daniel Gerber, Chairman of SIFEM Board.
Dimitris Tsitsiragos, IFC Vice President, said: “IFC and SIFEM share the goals of promoting entrepreneurship and job creation in emerging markets. The MCA model will allow us to more efficiently respond to the financing needs of our private sector clients, contributing to long-term, sustainable and broad-based growth in emerging markets and globally.”
IFC works closely with Switzerland to provide financing and advice to promote private sector development in emerging markets. IFC and SIFEM have a longstanding partnership of co-investments in private equity funds focused on small and medium enterprises in developing countries.
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 about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit
www.ifc.org
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About SIFEM
The Swiss Investment Fund for Emerging Markets (SIFEM) is the development finance institution of the Swiss Confederation and a cornerstone of Swiss development cooperation. SIFEM‘s mission is to promote long-term, sustainable and broad-based growth in developing and emerging countries. SIFEM supports enterprises in its partner countries through capital and loans. In addition, as a responsible investor, SIFEM encourages fair working conditions, environmentally friendly production standards and integrity in business practices. For more information, visit
www.sifem.ch
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