Washington, D.C., October 13, 2014—IFC,
a member of the World Bank Group, and the Swiss Investment Fund for Emerging
Markets (SIFEM) will streamline their collaboration to provide much-needed
financing to private companies in emerging markets and help boost growth
SIFEM is the 22nd development finance institution to sign IFC's Master
Cooperation Agreement (MCA), which standardizes steps that lenders take
when co-financing projects with IFC. This streamlined approach saves time
and money for lenders and borrowers. Since the MCA was established in 2009,
signatories have co-invested more than $3 billion in loans with IFC to
support private sector development.
"SIFEM is pleased to join the MCA, which will further deepen the already
excellent cooperation with IFC and increase our impact on the ground,"
said Jean-Daniel Gerber, Chairman of SIFEM Board.
Dimitris Tsitsiragos, IFC Vice President, said: “IFC and SIFEM share the
goals of promoting entrepreneurship and job creation in emerging markets.
The MCA model will allow us to more efficiently respond to the financing
needs of our private sector clients, contributing to long-term, sustainable
and broad-based growth in emerging markets and globally.”
IFC works closely with Switzerland to provide financing and advice to promote
private sector development in emerging markets. IFC and SIFEM have a longstanding
partnership of co-investments in private equity funds focused on small
and medium enterprises in developing countries.
IFC created the MCA in response to calls by the Group of 20 for official
finance institutions to collaborate more closely to help meet shortfalls
in private sector financing during the global financial crisis. For a list
of MCA signatories, visit http://www.ifc.org/wps/wcm/connect/topics_ext_content/ifc_external_corporate_site/ifc+syndications/overview_benefits_structure/syndications/parallel+loans.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in about 100 countries, we use our capital, expertise, and
influence to help eliminate extreme poverty and boost shared prosperity.
In FY14, we provided more than $22 billion in financing to improve lives
in developing countries and tackle the most urgent challenges of development.
For more information, visit www.ifc.org.
The Swiss Investment Fund for Emerging Markets (SIFEM) is the development
finance institution of the Swiss Confederation and a cornerstone of Swiss
development cooperation. SIFEM‘s mission is to promote long-term, sustainable
and broad-based growth in developing and emerging countries. SIFEM supports
enterprises in its partner countries through capital and loans. In addition,
as a responsible investor, SIFEM encourages fair working conditions, environmentally
friendly production standards and integrity in business practices. For
more information, visit www.sifem.ch