| IFC, Center-Invest Bank Pioneer Russian Residential Energy Efficiency, Agribusiness Finance Initiati |
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20/11/2009 14:16 (81 Day 07:34 minutes ago) | |||||
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The FINANCIAL -- IFC, a member of the World Bank Group, is partnering with long-term client Center-Invest Bank to pioneer residential energy efficiency financing in Russia and expand access to finance for small and medium enterprises in the country’s agribusiness sector.
According to IFC, the financing package consists of a loan for 300 million Russian rubles ($10 million equivalent) for residential energy efficiency; a 600 million rubles ($20 million) loan to onlend to small enterprises in the agribusiness sector in Southern Russia; and a $10 million trade finance guarantee facility to expand the foreign trade operations of the bank’s local small and medium enterprise clients.
Residential energy efficiency is a new financial product to be developed with support from the IFC Advisory Services team. Center-Invest Bank will provide loans to home-owner associations and housing-management companies to finance energy efficient renovations of multifamily buildings.
“We are grateful for IFC’s long-term financial support and valuable advice, which help us provide our clients with much-needed innovative products,” said Dr. Vasily Vysokov, Chairman of the Board of Directors of Center-Invest Bank. “We look forward to further successful cooperation.”
Since 2002, IFC supported four projects with Center-Invest Bank for the total amount of $16 million, including piloting energy efficiency finance in Russia.
IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with IBRD, it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries—including by supporting Russia’s banking sector, especially in underserved regions.
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