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.
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,
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,