Moscow, Russia, June 9, 2008—IFC,
a member of the World Bank Group, has signed an agreement with several
companies of RTL Holdings Group, which will expand access to modern retail
services in Belarus. The investment will help the company develop its wholesale
and distribution system and expand the Rubliovskiy supermarkets network
in the country’s six regional capital cities. This will allow local consumers
to access a more diverse selection of high-quality, affordable foods.
IFC’s $7 million long-term loan facility,
together with a $19 million subordinated loan will help RTL Holdings to
build six warehouses and 20 new supermarkets throughout Belarus between
2008 and 2012.
“This investment signals IFC’s support
for our company’s business strategy. We appreciate IFC’s financial support
and advisory services in corporate governance and environmental and social
issues. This will help us expand and diversify our operations and improve
our competitiveness in Belarus,” said Sergei Rzheutski, public relations
manager for RTL Holdings Group.
“IFC sees major development opportunities
in this project. It will help facilitate a transfer of modern wholesaling,
warehousing, and retail techniques to Belarus as well as expand access
to better quality goods for people. It will also generate many direct and
indirect jobs throughout the country,” said Dimitris Tsitsiragos, IFC
Director for Global Manufacturing and Services.
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.