Vienna, Austria, September 18, 2018 —IFC,
a member of the World Bank Group, expanded its operations in Europe and
Central Asia with investment commitments that reached $2.9 billion driving
the diversification of the region’s economies, promoting access to finance
for small businesses and tackling climate change.
IFC invested $2.26 billion from its account and mobilized another $0.68
billion from other investors during its fiscal year 2018, which ended in
June 30. The investments were geared at helping the region’s financial
sector increase its loans to small and medium-sized enterprises, support
women-owned businesses, develop agribusiness and improve the region’s
urban infrastructure. IFC also supported $1.8 billion of cross-border trade
in the region through 28 banks participating in its global trade finance
IFC’s largest commitments during the last fiscal year were Turkey ($1.1
billion), Romania ($336.4 million), Serbia ($190.5 million), Ukraine ($129.1
million) and Kazakhstan ($111.5 million). Some landmark transactions include
EUR108 million in financing to boost Serbia’s production of renewable
energy through windfarms, $120 million in loans to increase the productivity
of Ukraine’s agribusiness sector and a $75 million investment to support
women entrepreneurs in Turkey.
Wiebke Schloemer, IFC’s director for Europe and Central Asia, said that
for the coming years IFC’s focus on the region will be “on supporting
the development of the fledging private sector in some of the poorest and
conflicted-affected countries in the region while also continuing to work
in middle income countries to promote innovation and competitiveness, energy
efficiency and sustainable urban infrastructure.”
IFC also implemented 79 advisory projects in the region which focused on
improving business regulations, working with the private sector to fight
climate change and helping local companies improve their corporate governance,
and environmental and social practices.
During the next fiscal year, IFC will continue to focus on high-impact
projects that can help mitigate climate change, promote financial inclusion
and create new jobs.
Here are a few highlights from the past fiscal year:
· IFC issued
the first Uzbek Soum-denominated bond in the international markets, raising
UZS 240 billion - $30 million equivalent - to expand lending for micro,
small and medium enterprises in Uzbekistan.
· IFC completed
a pilot cities program, supporting 10 urban infrastructure projects and
facilitating financing in the amount of €278 million.
· IFC invested
$75 million in the first private bank gender bond to support women entrepreneurs
· IFC helped
establish a $150 million energy efficiency fund in Ukraine to modernize
· IFC invested
$120 million in agribusiness in Ukraine.
· IFC facilitated
Turkey’s first EDGE Green Building Certification awarded to Greenox Building
· IFC provided
€107.7 million to boost Serbia’s production of renewable energy through
· IFC created
opportunities for private sector investments of $340 million in sustainable
cotton farming in Uzbekistan.
IFC—a sister organization of the World Bank and member of the World Bank
Group—is the largest global development institution focused on the private
sector in emerging markets. We work with more than 2,000 businesses worldwide,
using our capital, expertise, and influence to create markets and opportunities
in the toughest areas of the world. In fiscal year 2018, we delivered more
than $23 billion in long-term financing for developing countries, leveraging
the power of the private sector to end extreme poverty and boost shared
prosperity. For more information, visit www.ifc.org