Minsk, Belarus, February 4, 2015 —
IFC, a member of the World Bank Group, is providing up to $10 million to
a leading Belarusian private retailer, the Rubliovskiy Group, to support
the company’s growth plans in a volatile macroeconomic environment and
help strengthen Belarus’ private sector.
IFC’s debt financing will be used by the
fourth-largest Belarusian food retailer to finance the construction of
five new stores, refinance a part of its bank debt and enhance its working
capital needs. IFC is also supporting the Group with advisory services
on improving food safety practices, to help improve efficiencies and operating
standards in local supply chains.
“IFC’s finance and advice have helped us
reach a leading position in the Belarusian retail market,” said Natalya
Shablinskaya, general director of Belinterproduct, part of the Rubliovskiy
Group. “Our new joint project will help support our business and spur
growth, despite a volatile market and challenging macroeconomic environment.”
Rufat Alimardanov, IFC’s Country Manager
for Belarus and Ukraine, said: “This financing to our long-term partner
Rubliovskiy will help further develop the retail sector in Belarus. We
hope it will also boost investor confidence and help catalyze other investments
in the Belarusian private sector.”
The Rubliovskiy Group employs around 6,300
people and is expected to create up to 600 jobs in the next four years,
of which over half are expected to be taken by women. The retailer, which
sources more than 80 percent of its purchases from local producers, also
supports a large number of indirect jobs and contributes to small and medium
enterprise development in the country.
The Rubliovskiy Group has been an IFC client
since 2008. IFC’s advisory work on food safety standards is being implemented
in Belarus in partnership with the Austrian Ministry of Finance.
IFC, a member of the World Bank Group, is
the largest global development institution focused on the private sector
in emerging markets. Working with more than 2,000 businesses worldwide,
we use our capital, expertise, and influence, to create opportunity where
it is needed most. In FY15, our long-term investments in developing countries
rose to nearly $18 billion, helping the private sector play an essential
role in the global effort to end extreme poverty and boost shared prosperity.
For more information, please visit www.ifc.org