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IFC Partners with Asian-Pacific Bank to Increase Access to Finance in Frontier Regions of Eastern Russia


In IFC Moscow:
Nezhdana Bukova
Phone: 7 (495) 411-7555
E-mail :
nbukova@ifc.org

In IFC Washington, D.C.:
Lotte Pang
Phone: 1 (202) 458-0952
E-mail:
lpang@ifc.org


Moscow, Russia, August 18, 2008—IFC, a member of the World Bank Group, today announced that it will invest 955 million rubles in Russia’s Asian-Pacific Bank to support its regional expansion and increase access to finance in underserved regions of eastern Russia.

The Asian-Pacific Bank is a midsize private sector bank with a diversified presence in the frontier regions of Russia’s Far East and Eastern Siberia. The bank’s retail lending strategy will help small and medium enterprises obtain long-term business loans and provide individuals with access to affordable housing finance.

Vladimir Terehov, Chairman of the Board of Directors of the Asian-Pacific Bank, said, “We welcome this first step in what we hope to be a long-term and productive partnership with IFC as our shareholder and creditor. IFC’s strategic support of the Asian-Pacific Bank will enable us to strengthen our focus on serving customers and expand our regional distribution network across the Far East and Eastern Siberia.”

Mamta Shah, IFC Director for Global Financial Markets for Europe, Asia, the Middle East, and North Africa, said, “IFC is working to promote best practices and increase access to finance for underserved groups in frontier regions of Russia. Developing our relationship with the Asian-Pacific Bank, a well-managed bank with a clear regional strategy, will help us meet these objectives.”  

About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit
www.ifc.org.

Russia became a member and shareholder of IFC in 1993. IFC’s investment portfolio in the country stands at $2 billion, making it the largest country exposure for IFC globally. IFC has invested in key sectors including agribusiness, banking, construction materials, health care, housing finance, information technologies, infrastructure, leasing, mining, oil and gas, pulp and paper, retail, and telecommunications. For more information, visit
www.ifc.org/europe.