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Moscow, Russia, July 16, 2012
—IFC, a member of the World Bank Group, is providing a 1.5 billion Russian ruble loan to Rusfinance Bank to help the lender offer financing for eco-friendly cars, reducing carbon emissions in Russia.
With IFC support, Rusfinance Bank will introduce the Green Car loan program to help clients purchase fuel efficient and alternative fuel cars, including hybrids and electric vehicles, through its Russia-wide network of 2500 outlets.
“Climate change concerns everybody and banks have a role in promoting environmentally friendly initiatives,” said Arnaud Leclair, Rusfinance Bank’s CEO. “With IFC’s financing we will be able to launch one of the first retail banking projects in Russia that supports the market for low carbon emission cars.”
Tomasz Telma, IFC Director for Europe and Central Asia, said, “One of IFC’s goals is to reduce the amount of carbon emissions in the region. This project will help promote development of green technologies and popularize green behavior in Russia.”
The investment is part of IFC’s work in Russia to support private sector development and encourage economic growth. The country became a member and shareholder of IFC in 1993. Since then, IFC has invested nearly $6 billion in Russia, including $1.5 billion in syndicated loans, and is involved in 250 projects across a variety of sectors. IFC’s investment portfolio in Russia stands at $2.54 billion, the third-largest country exposure for IFC globally.
About IFC
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, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
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About LLC Rusfinance Bank
LLC Rusfinance Bank is a wholly-owned subsidiary of OJSC JSCB ROSBANK and part of Societe Generale, one of Europe’s biggest financial groups. Rusfinance Bank specializes in consumer finance, operating through its own branches and 12 600 partners - retail chains and car dealers - in 65 regions of the Russian Federation. It also offers loans through its call center. For more information visit
www.rusfinancebank.ru
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