Moscow, Russia, February 11, 2013—
IFC, a member of the World Bank Group, is supporting a pioneering education center in Moscow that will expose children to professional trades, part of an effort to broaden their horizons and, over the long term, address Russia’s shortage of professionals.
IFC will provide a loan of 139 million Russian rubles (around $4.5 million) to ZAO Masterslavl, which will build a miniature city in the Russian capital. Named the
City of Craftsmen,
it will offer children hands-on experience in many professions, from banking to postal services. This is IFC’s first investment in the field of educational entertainment.
“This partnership with IFC is an important recognition of the potential of our project,” said Vitali Survillo, founder of ZAO Masterslavl. “We believe that it will not only teach children a variety of skills, but also promote social responsibility, a culture of charity, and traditional Russian values.”
Tomasz Telma, IFC Director for Europe and Central Asia, said, “Russia is currently facing an acute shortage of skilled workers. By creating an opportunity for children to learn about various trades and professions in a stimulating environment, we can broaden their professional horizons and hopefully begin to address the skills gap.”
This investment is part of IFC’s strategy in Russia to support private sector development and encourage economic growth. The Russian Federation became a member and shareholder of IFC in 1993. Since then, IFC has invested $10.1 billion in Russia, including $3.2 billion in syndicated loans, and is involved in 270 projects across a variety of sectors. IFC’s investment portfolio in Russia stands at $2.26 billion, the fourth-largest country exposure for IFC globally.
IFC, a member of the World Bank Group is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit