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Istanbul, Turkey, September 25, 2014 –
In the fiscal year ending June 30, 2014, IFC, a member of the World Bank Group, invested more than $915 million in infrastructure in Europe and Central Asia (ECA) in an effort to ensure improved access to markets and goods and boost economies across the region. These investments included $350 million mobilized from other sources, including guarantees from MIGA (the Multilateral Investment Guarantee Agency), another member of the World Bank Group.
For IFC, improved infrastructure is a long-term priority in ECA and across the globe. As of June 30, IFC’s infrastructure portfolio in ECA stood at $3.9 billion, including $1.5 billion in mobilized funds. IFC finances companies and municipalities to support the development and modernization of transport and utilities, including heating, water, and sanitation; supports renewable power generation through investments in solar, wind, and hydro power projects; and provides advisory services to governments in structuring large-scale infrastructure projects, particularly public-private partnerships.
“Today, infrastructure is more important than ever before. In parallel with the rapid development of the digital economy, people need reliable physical infrastructure to have access to markets, goods, and services, and thus benefit from inclusive economic development across the region,” said Tomasz Telma, IFC Director for Europe and Central Asia. “We are shaping our strategy in this sector. We see IFC’s role as supporting sustainable urban development, large transportation projects, public-private partnerships, and major power projects, with special attention to renewable energy,”
“Infrastructure is a sector that requires large, long-term investments, and brings significant development results in return -- to countries and regions,” said Wiebke Schloemer, IFC Regional Industry Head for Infrastructure in Europe, Middle East and North Africa. “IFC is uniquely positioned to support this sector, as it can bring together international and local players, in addition to private and public money, and make a real difference in people's lives."
One of IFC’s prominent FY14 transactions in transport infrastructure was the award-winning $450 million deal to build a new modern terminal at Zagreb International Airport in Croatia. IFC invested in the holding company and extended a long-term loan for the project, which is expected to boost tourism and encourage economic growth.
In municipal infrastructure, IFC provided a loan to the Izmir municipality in Turkey to finance two new tramway lines, which will have a big impact on people’s daily commute. In Romania, loans to the Timisoara municipality and the Botosani district heating company are financing vital improvements in the heating systems of these two cities.
Over the past fiscal year, IFC supported private sector development in Europe and Central Asia by investing $4.7 billion, including $1.2 billion in funds mobilized from our partners. IFC also delivered an advisory program worth nearly $40 million with a focus on projects in IDA countries, fragile and conflict affected countries, and climate change.
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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