Minsk, Belarus, July 11, 2008—IFC,
a member of the World Bank Group, has signed an agreement with Erilin Holdings
Limited to provide Euro 8 mln to help build a new commercial building in
Minsk, Belarus, that will address the shortage of commercial real estate
in the capital city. The project will also facilitate the entrance of Russian
and other international businesses into the country. This, in turn, should
contribute to foreign direct investment inflows and help increase private
The main contractor and project administrator is Strominvest, one of the
top five privately owned construction companies and real estate property
developers in Belarus.
“We are grateful to IFC for its flexible financing structure and comprehensive
approach to project development. This will strengthen our financial position
and help us complete construction by November 2008,” said Irina Koumpari,
Director of Erilin Holdings Limited.
“With this project, IFC is providing long-term financial products that
are not available locally to help improve the quality of commercial real
estate offering in the country. We look forward to further collaboration
with Erilin Holdings to improve environmental, fire, life safety, and social
practices in Belarus,” said Sergio Pimenta, IFC Senior Manager 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.
Belarus became an IFC member in November 1992. On the invitation of the
government, IFC has been actively involved in advisory work in the country
since 1993. Over the past decade, IFC has implemented a range of advisory
and investments projects in the country’s financial, agribusiness, and