The FINANCIAL — Loans provided by IFC, a member of the World Bank Group, helped its client banks extend financing to smaller businesses in Eastern Europe and Central Asia by more than a third in 2014.
IFC investees provided more than 5.7 million loans to micro, small, and medium enterprises (MSMEs) last year, up from 4.39 million in 2013. These smaller businesses are the primary engine for job creation in developing countries, according to a 2011 World Bank Policy Research Paper, according to IFC.
Also in 2014, the total dollar amount of MSME loans provided by IFC investee banks increased about 12 percent. Key contributors to this increase include Transilvania Bank in Romania, Turkey’s Akbank and Seker Bank, Finka Kyrgyzstan and Kompanion, in the Kyrgyz Republic, and TBC Bank in Georgia, among many others.