Metallurgical Commercial Bank
Metallurgical Commercial Bank: IFC Helps Metcombank Expand Financing for Small Businesses in Russia
Metallurgical Commercial Bank / Key word(s): Miscellaneous
IFC Helps Metcombank Expand Financing for Small Businesses in Russia Moscow, Russia, September 9, 2011-IFC, a member of the World Bank Group, is providing an RUB 300 million ($10.3 million) loan to Metcombank, a Russian lender focused on expanding services to small and medium enterprises, which are key to the country's economic growth. The bank is also joining IFC's Global Trade Finance Program. The initiative supports a network of 200 banks in 84 developing markets by guaranteeing foreign trade transactions made by bank customers. 'This agreement with IFC, a leading global financial institution, is an important strategic milestone for Metcombank,' said Pavel Loginov, Metcombank's Chairman of the Board. 'This financing will allow us to further expand lending to small and medium companies and to entrepreneurs. It will also join Metcombank with IFC's global trade finance network. We believe it is the first step in a long-term relationship with IFC.' 'Small and medium enterprises are key to diversifying and modernizing Russia's regional economies,' said Snezana Stoiljkovic, IFC director for Europe and Central Asia. 'IFC supports financial institutions that offer financing and services to small businesses, a model that helps spur economic growth across the country.' IFC is focused on supporting small and medium enterprises in Russia because they generate employment and contribute to the diversification and modernization of the economy, especially in remote regions. IFC does this by expanding access to finance through intermediaries such as Metcombank and by creating a more favorable business environment through targeted advisory services. Russia became a member and shareholder of IFC in 1993. Since then, IFC has invested almost $6 billion in the country, including $1.5 billion in syndicated loans. It is involved in 250 projects across a variety of sectors. IFC's investment portfolio in Russia stands at $2.5 billion, the organization's third largest by country. Since its launch in 2005, IFC's Global Trade Finance Program has issued more than $10 billion in guarantees.
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