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Moscow, Russia, September 12, 2011
—IFC, a member of the World Bank Group, is providing a 300 million ruble ($10.3 million) loan to Metcombank to help the Russian bank expand lending and related financial services to small and medium enterprises, which are key to the country’s economic growth.
The bank is also joining IFC’s Global Trade Finance Program to help enable their clients to conduct foreign trade. The initiative supports a network of 200 banks in 84 developing markets by guaranteeing foreign trade transactions made by bank customers.
“This agreement with IFC, a leading global financial institution, is an important strategic milestone for Metcombank,” said Pavel Loginov, Metcombank’s Chairman of the Board. “This financing will allow us to further expand lending to small and medium companies and to entrepreneurs. It will also join Metcombank with IFC’s global trade finance network. We believe it is the first step in a long-term relationship with IFC.”
“Small and medium enterprises are key to diversifying and modernizing Russia’s regional economies,” said Snezana Stoiljkovic, IFC director for Europe and Central Asia. “IFC supports financial institutions that offer financing and services to small businesses, a model that helps spur economic growth across the country.”
IFC is focused on supporting small and medium enterprises in Russia because they generate employment and contribute to the diversification and modernization of the economy, especially in remote regions. IFC does this by expanding access to finance through intermediaries such as Metcombank and by creating a more favorable business environment through targeted advisory services.
Russia became a member and shareholder of IFC in 1993. Since then, IFC has invested almost $6 billion in the country, including $1.5 billion in syndicated loans. It is involved in 250 projects across a variety of sectors. IFC’s investment portfolio in Russia stands at $2.5 billion, the organization’s third largest by country. Since its launch in 2005, IFC’s Global Trade Finance Program has issued more than $10 billion in guarantees.
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 Metcombank
JSC Metallurgic Commercial Bank, headquartered in Cherepovets, is a universal bank offering services to corporate and retail clients, with a focus on small and medium companies. The bank was established in 1990 as the Cherepovets branch of the Industrial and Construction Bank of the USSR. The bank’s shareholders are CJSC Severgroup and Capital Ltd. For more information, visit
www.metcombank.ru
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