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Moscow, January 31, 2014—
IFC, a member of the World Bank Group, and International Investment Bank (IIB) today agreed on closer collaboration, to provide vital financing to private companies, help boost growth, and create jobs in emerging markets.
IIB has become the latest signatory of IFC’s Master Cooperation Agreement (MCA), which standardizes steps that lenders take when co-financing projects with IFC, saving time and money for borrowers—private companies in emerging markets—and lenders. IFC created the MCA in response to calls by the Group of 20 for official finance institutions to collaborate more closely to help meet shortfalls in private sector financing during the global financial crisis.
“International Investment Bank has the mission to support small and medium enterprises in our member countries through providing targeted credit lines to banks, and participation in syndicated lending,” said Nikolay Kosov, Chairman of the Board of IIB. “This agreement will allow us to work more efficiently with IFC, and other parties to the MCA, to increase efficiency as we jointly invest in projects that contribute to growth and job creation.”
IFC and IIB have worked together on co-investments to help Mongolia’s Khan Bank expand its small and medium enterprise (SME) business, and to support Russia’s Transcapitalbank in growing its SME energy efficiency finance program.
Tomasz Telma, IFC Director for Europe and Central Asia, said: “The agreement with IIB marks another important addition to our network of MCA signatories, and improves our ability to respond more efficiently to the financing needs of SMEs in IIB member countries.”
IFC’s syndicated loan program, the oldest and largest syndicated lending program among multilateral development banks, is an important tool for mobilizing capital to serve development needs. In FY13, IFC syndicated about $3.1 billion in B loans and parallel loans, provided by more than 60 co-financiers—including commercial banks, funds, MCA signatories, and other development finance institutions.
IIB is the nineteenth institution to sign up to the MCA. Other MCA signatories include: Arab Petroleum Investments Corporation, Banque Ouest-Africaine de Developpement, Belgian Investment Company for Developing Countries, Black Sea Trade and Development Bank, CDC Group, COFIDES, Development Bank of Japan, Deutsche Investitions- und Entwicklungsgesellschaft mbH, Eurasian Development Bank, Export Development Canada, Islamic Corporation for the Development of the Private Sector, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V., Oesterreichische Entwicklungsbank AG, OPEC Fund for International Development, Overseas Private Investment Corporation, Sociedade Para o Financiamento do Desenvolvimento, Société de Promotion et de Participation pour la Coopération Economique, and
Swedfund International AB.
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 new investment commitments 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 IIB
International Investment Bank
is an international financial organization, founded and functioning on the basis of the appropriate intergovernmental agreement. It was established in 1970 and registered with the UN Secretariat under the number 11417. The members of the bank are Republic of Bulgaria, Socialist Republic of Vietnam, Republic of Cuba, Mongolia, Russian Federation, Romania, Slovak Republic and the Czech Republic. The Russian Federation has the largest share in IIB’s capital (58 percent). IIB’s activities are aimed at assisting in social and economic development and support of economic cooperation of its member states. The bank's activities are mainly focused on the support of small and medium-sized businesses, extension of targeted credit lines to national banks, and participation in programs of syndicated lending for investment projects in cooperation with leading international organizations. The headquarters is located in Moscow. For more information, visit
www.iibbank.org
.
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