Moscow, Russia, October 16, 2012—IFC,
a member of the World Bank Group, is making $20 million of capital available
to support medium-sized companies in Russia by investing in the Elbrus
Capital Fund II.
IFC’s investment is expected to attract
other investors to the fund and is designed to help companies grow and
create jobs, supporting economic development across the country. The Elbrus
Capital Fund II is targeting a final size of $500 million and aims for
controlling stakes in mid-cap growth companies in the Russian Federation.
“Small and medium companies are the
focus of our strategy in Russia, and globally,” said Aftab Ahmed, IFC
director for financial markets in Europe, Central Asia, the Middle East,
and North Africa. “Our experience shows that medium-sized companies are
especially effective in creating jobs and introducing new services to markets.”
IFC supports small and medium business
in Russia with financing and advisory services. Our investment portfolio
dedicated to expanding access to finance for micro, small, and medium businesses
in Russia stands at $837 million. Our advisory services help companies
improve corporate governance and become more resource efficient and competitive.
Russia became a member of IFC in 1993.
Since then, IFC has invested $10.1 billion in the country, including $3.1
billion in syndicated loans, in 270 projects across a variety of sectors.
In fiscal year 2012, IFC invested $1.2 billion in Russia, including $465.5
million in syndicated loans.
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, mobilizing capital in international financial
markets, and providing advisory services to businesses and governments.
In FY12, our investments reached an all-time high of more than $20 billion,
leveraging the power of the private sector to create jobs, spark innovation,
and tackle the world’s most pressing development challenges. For more
information, visit www.ifc.org.