Washington DC, June 4, 2008— IFC,
a member of the World Bank Group, is providing financing to help Home Centers
Ltd., the Russian subsidiary of the Israeli company Home Center (DIY) Ltd.,
expand access to high-quality do-it-yourself products for Russian consumers.
With IFC’s support, Home Center Ltd. plans to expand its regional network
to up to 16 modern do-it-yourself and home improvement stores.
Home Centers Ltd. opened its first Home Center store in Yaroslavl last
year. A second store was opened in Krasnodar in May 2008, and up to 14
more will be launched in cities across Russia over the next two years.
“Home Centers Ltd. is expanding to respond to the recent growth of the
Russian do-it-yourself market. We strive to provide Russian consumers,
especially consumers in the regions, with a better choice of do-it-yourself
and home improvement products,” said Igor Mariash, Director of Home Centers
“The expansion of Home Centers Ltd. will improve the selection available
to the Russian consumer,” noted Dimitris Tsitsiragos, Director of IFC’s
Global Manufacturing and Services Department. “In the regions especially,
consumers will benefit from access to a broader variety of high-quality
products for repairing, remodeling, and decorating their homes at affordable
prices,” he added.
Home Center (DIY) Ltd. is the leading chain of do-it-yourself and merchandize
stores in Israel and is part of the Fishman Group of companies. The Fishman
Group is led by the prominent Israeli entrepreneur Eliezer Fishman.
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 a shareholder of IFC in 1993. Since then
IFC has invested over $3.6 billion in the country, including $527 million
in syndicated loans, in more than 150 projects across a variety of sectors.
IFC’s investment portfolio in the country currently stands at $2.24
billion, making it the largest country exposure for IFC globally. IFC
has invested in key sectors including banking, leasing, housing finance,
infrastructure, mining, agribusiness, pulp and paper, construction materials,
oil and gas, telecommunications, information technologies, retail, and
health care. For more information, visit www.ifc.org/europe.