Kyiv, Ukraine, September 3, 2009
—IFC is committed to helping Ukraine minimize the impact of the economic crisis through a combination of investment and Advisory Services, Lars Thunell, Executive Vice President and CEO of IFC, a member of the World Bank Group, said today.
Thunell visited Kyiv from September 1-3, meeting with Prime Minister Yulia Tymoshenko and top Ukrainian government officials, IFC clients, and other financial institutions.
“Our goal is to help our clients weather the crisis and support Ukraine during recovery. We expect to double our investment program in the country during fiscal year 2010, with a focus on the financial sector, agribusiness, and energy efficiency,” Thunell said.
IFC’s crisis-response program in Ukraine encompasses advisory work to help banks better manage their portfolios and nonperforming loans and financial support to selected clients. IFC also has expanded support for Ukrainian banks through its Global Trade Finance Program, which has helped improve liquidity of banks and facilitate cross-border trade flows. In addition, IFC is coordinating efforts with the World Bank and other international financial institutions to mobilize additional resources to support the country’s long-term economic growth.
IFC’s program in the real sector is focused on supporting existing clients in the shorter term and helping Ukraine maximize its potential in the agricultural sector in the longer term. “We are looking at opportunities throughout the entire supply chain that will have the most development impact on Ukraine’s agricultural sector,” Thunell said.
IFC also sees great potential for Ukrainian companies to reduce greenhouse gas emissions through greater access to energy efficiency financing.
Since Ukraine became a member of IFC in 1993, IFC has committed close to $1.2 billion in 48 projects, covering such sectors as agribusiness, construction materials, energy, financial markets, retail, and services. Today, IFC’s Ukraine portfolio represents its 12
th
-largest exposure in the world. IFC also implements Advisory Services projects in the financial sector, agribusiness, and regulatory simplification.
About IFC
IFC, a member of the World Bank Group creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $15 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
.
