Moscow, April 6, 2004—The International
Finance Corporation (IFC), the private sector arm of the World Bank Group,
signed an agreement today to provide a $4 million loan to DeltaLease-Far
East for equipment leasing to its customers in the Russian Far East and
Siberia. DeltaLease-Far East is one of the leading providers of equipment
leasing services for small and medium-sized enterprises in the Russian
Far East where leasing and other financial services are under-represented.
Apart from providing much needed long-term financing to small and medium-sized
enterprises, IFC’s investment will increase the availability and competitiveness
of long-term finance in this vast region of Russia. DeltaLease-Far
East is IFC’s first investment in a financial institution specializing
in Siberia and the Russian Far East.
Edward Nassim, IFC’s Director for Central and Eastern Europe, noted: “IFC’s
financing of DeltaLease-Far East builds on IFC’s extensive support to
development of leasing in Russia, including our work on legal and regulatory
reform. By providing long-term finance to a leasing company working
in the Russian Far East and Siberia, IFC will help spread availability
of lease finance throughout the country.”
Larissa Sidyuk, General Director of DeltaLease-Far East, pointed out the
importance of having IFC as a financial partner: “The availability of
long-term finance from IFC allows DeltaLease-Far East to provide competitive
lease finance for terms up to 60 months. Our partnership with IFC allows
us to complement our flexible and professional approach with IFC's extensive
experience in leasing in Russia. This allows us to deliver even more tangible
value to our clients in Siberia and the Far East.”
DeltaLease-Far East. Delta Lease- Far East (www.dlfe.ru)
is a leading independent leasing company providing leasing services to
small and medium-sized enterprises throughout the Russian Far East and
Siberia. Since its inception in 1999, the company has financed a broad
range of SMEs in construction, transport, consumer goods manufacturing,
trade and services, port services, wood processing, forestry, printing,
food processing, and other industries.
Delta Lease- Far East is based in Vladivostok, and currently has offices
in Yuzhno-Sakhalinsk (Sakhalin), Khabarovsk, and Novosibirsk. The company
also conducts business in Kemerovo, Tomsk, Biisk, Barnaul, Petropavlovsk-Kamchatskiy.
DeltaLease-Far East is an investee company of The U.S. Russia Investment
Fund. For communications in English, please contact Gregory Sundstrom (firstname.lastname@example.org),
Chairman of the Board of DeltaLease-Far East and Vice President of the
U.S. Russia Investment Fund.
International Finance Corporation. Russia joined IFC in 1993. Since
then IFC has approved investments worth $2.3 billion to finance nearly
90 projects across a variety of sectors. IFC significantly increased its
investment program in Russia in the last fiscal year (July 2002 – June
2003), approving nearly $700 million of investments. IFC's increased
activity reflects the improving investment climate in Russia, greater opportunities
in an increasingly broad range of sectors, and stronger foreign investor
IFC has been involved in the Russian leasing sector since 1997 by implementing
a long-term technical assistance program on leasing development in Russia.
IFC, with funding from Canada and the UK, advised the government on amending
leasing legislation, carried out an extensive professional training program
for the market players, and conducted a broad public education campaign.
As a result IFC saw the market grow form virtually negligible volume in
1997 to $2.3 billion by the end of 2003. IFC has also invested $34.1 millions
of its own funds to support five leasing companies in Russia.
The mission of IFC (www.ifc.org)
is to promote sustainable private sector investment in developing countries,
helping to reduce poverty and improve people's lives. IFC finances private
sector investments in the developing world, mobilizes capital in the international
financial markets, helps clients improve social and environmental sustainability,
and provides technical assistance and advice to governments and businesses.
From its founding in 1956 through FY03, IFC has committed more than
$37 billion of its own funds and arranged $22 billion in syndications for
2,990 companies in 140 developing countries. IFC's worldwide committed
portfolio as of FY03 was $16.7 billion for its own account and $6.6 billion
held for participants in loan syndications.