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Moscow, Russia, January 23, 2012
—IFC, a member of the World Bank Group, is providing electric meter producer Energomera with a $20 million long-term loan to strengthen the company’s balance sheet, supporting skilled jobs in frontier regions of Russia and other countries.
Energomera is a technologically-advanced metering company whose multi-tariff meters help consumers manage their utilities more efficiently and cost-effectively while helping utility companies better manage electricity distribution. Its several manufacturing facilities in frontier regions of Belarus, Russia, and Ukraine employ more than 4,600 skilled workers.
“Supporting high-tech manufacturing is one of our strategic objectives in Russia, as this will support the process of economic diversification,” said Tomasz Telma, IFC Director for Eastern Europe and Central Asia. “This investment will benefit Energomera, its employees, and customers, who can optimize their utility costs by using multi-tariff electric meters.”
IFC integrates its investment and advisory work in Russia and the surrounding region to boost economic development and diversification, address climate change, and improve the regulatory environment to support the private sector, especially entrepreneurs, and small and medium enterprises.
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, 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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