Washington, D.C., October 10, 2010—IFC,
a member of the World Bank Group, today announced that Black Sea Trade
and Development Bank became the seventh development finance institution
to adopt IFC’s Master Cooperation Agreement, which helps bridge private
sector financing gaps in emerging markets by making it easier and faster
for lenders to cofinance projects with IFC.
IFC’s Master Cooperation Agreement standardizes steps that lenders take
when joining IFC to cofinance projects, increasing efficiencies and saving
borrowers and lenders time and costs throughout the life of a loan. IFC
created the agreement in response to calls by G20 nations for increased
collaboration among international financial institutions to help meet private
sector financing shortfalls during the global financial crisis.
“IFC and the Black Sea Trade and Development Bank share a desire to support
economic development and regional cooperation in the 11 countries of the
Black Sea Economic Cooperation region,” said Rashad Kaldany, IFC Vice
President for Asia, Eastern Europe, Middle East and North Africa at a signing
ceremony to formalize the cooperation. “The Master Cooperation Agreement
allows us to work together more effectively and get funding to where it’s
needed more quickly.”
Andrey Kondakov, the President of BSTDB said, “Joining the Master Cooperation
Agreement is an important step for BSTDB to further strengthen our cooperation
and coordination with IFC and peer financial institutions in supporting
investors and companies in our member countries to promote development
of infrastructure, energy, financial sector, and other key areas.”
IFC mobilizes funding from other financiers to meet the needs of private
sector clients in emerging markets. Lenders who adopt the Master Cooperation
Agreement will benefit from IFC’s existing syndication platform, deal-structuring
expertise, due diligence and global presence.
The current signatories to the Master Cooperation Agreement are the Belgian
Investment Company for Developing Countries (BIO), France’s Société de
Promotion et de Participation pour la Coopération Economique (Proparco);
Germany’s Deutsche Investitions- und Entwicklungsgesellschaft mbH ( DEG);
the Developmental Bank of Japan (DBJ), the Netherland’s Nederlandse Financierings-Maatschappij
Voor Ontwikkelingslanden N.V. (FMO) and the OPEC Fund for International
Development (OFID).
In fiscal year 2010, IFC mobilized $734 million through syndicated parallel
loans for 14 loans in emerging markets. Financing from international finance
institutions accounted for 37 percent of the $2 billion IFC mobilized through
loan syndications, compared to 17 percent and $2.2 billion, respectively,
in fiscal year 2009.
About IFC
IFC, a member of the World Bank Group, is the largest development institution
focused on the private sector in developing countries. We create opportunity
for people to escape poverty and improve their lives—by providing financing
to help businesses employ more people and provide essential services, mobilizing
capital from others, and delivering advisory and risk-management services
to ensure sustainable development. In a time of global economic uncertainty,
our new investments climbed to a record $18 billion in fiscal 2010. For
more information, visit www.ifc.org.
For information about Black Sea Trade and Development Bank visit www.bstdb.org
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