February 2010 -- The Europe and Central Asia region has been hit hard by the crisis, with private capital flows dwindling to $30 billion in 2009 compared to $258 billion in 2008. Tighter credit and tough economic conditions have put companies under
In March 2009, in Istanbul, the largest multilateral investors and lenders in Central and Eastern Europe - the EBRD, the EIB Group, and the World Bank Group, including IFC - pledged to support the banking sectors in the region and to fund lending
The Czech Republic became a member of IFC in 1993 as a successor to Czechoslovakia, which joined IFC in 1990. Since then, IFC has invested nearly $403 million in 16 projects from IFC's own account and mobilized $250 million in syndications from other banks. IFC also contributed to privatization projects and supported the establishment of leasing and factoring operations in the country.
IFC’s role in the Czech Republic is changing in light of the country’s accession to the European Union and the growing availability of private financing. IFC will focus on the regions, sectors, and projects where IFC’s developmental role is crucial and for which private financing remains limited, emphasizing socially and environmentally sensitive sectors.