IFC Partners with Asian-Pacific Bank to Increase Access to Finance in Frontier Regions of Eastern Russia
In IFC Moscow:
Nezhdana Bukova
Phone: 7 (495) 411-7555
E-mail : nbukova@ifc.org
In IFC Washington, D.C.:
Lotte Pang
Phone: 1 (202) 458-0952
E-mail: lpang@ifc.org
Moscow, Russia, August 18, 2008—IFC,
a member of the World Bank Group, today announced that it will invest 955
million rubles in Russia’s Asian-Pacific Bank to support its regional
expansion and increase access to finance in underserved regions of eastern
Russia.
The Asian-Pacific Bank is a midsize
private sector bank with a diversified presence in the frontier regions
of Russia’s Far East and Eastern Siberia. The bank’s retail lending strategy
will help small and medium enterprises obtain long-term business loans
and provide individuals with access to affordable housing finance.
Vladimir Terehov, Chairman of the Board
of Directors of the Asian-Pacific Bank, said, “We welcome this first step
in what we hope to be a long-term and productive partnership with IFC as
our shareholder and creditor. IFC’s strategic support of the Asian-Pacific
Bank will enable us to strengthen our focus on serving customers and expand
our regional distribution network across the Far East and Eastern Siberia.”
Mamta Shah, IFC Director for Global
Financial Markets for Europe, Asia, the Middle East, and North Africa,
said, “IFC is working to promote best practices and increase access to
finance for underserved groups in frontier regions of Russia. Developing
our relationship with the Asian-Pacific Bank, a well-managed bank with
a clear regional strategy, will help us meet these objectives.”
About IFC
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 shareholder of IFC in 1993. IFC’s investment
portfolio in the country stands at $2 billion, making it the largest country
exposure for IFC globally. IFC has invested in key sectors including agribusiness,
banking, construction materials, health care, housing finance, information
technologies, infrastructure, leasing, mining, oil and gas, pulp and paper,
retail, and telecommunications. For more information, visit www.ifc.org/europe.
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