The International Finance Corporation, the Russian Federation and Vnesheconombank Join Efforts to Open up New Opportunities for Russian Banks
Today, IFC Head Lars Thunell, Deputy Prime Minister – Russian Finance Minister Alexei Kudrin and Vnesheconombank Chairman Vladimir Dmitriev signed a number of documents that will become a benchmark for setting up a Russia Bank Capitalization Fund.
Under the documents signed the Russian Federation undertook to transfer 50 million dollars to IFC to invest them in the Fund.
“The Russian banking system is rapidly recovering after the global financial crisis. Today, we have taken the first step towards setting up a special fund that would help Russian banks to speed up economic growth by way of extending financing to the real economy, specifically, to small and medium-sized enterprises”, said Deputy Prime Minister – Russian Finance Minister Alexei Kudrin.
In its turn Vnesheconombank expressed intention to invest funds in the Russia Bank Capitalization Fund in the amount of up to 250 million dollars.
“The Fund is sure to become an efficient instrument for funding the Russian real economy as well as small and medium-sized enterprises. We are happy to back this initiative and join our efforts and resources to create instruments for augmenting Russian banks’ capital. So far, most Russian regional banks have had limited access to long-term investments and this makes it difficult for them to fund companies operating in the country’s real economy”, noted Vnesheconombank Chairman Vladimir Dmitriev.
“As a development institution the International Finance Corporation seeks to promote the development of private sector in a country with transitional economy. Today’s agreement would make it possible for us to more efficiently use our global experience and resources of IFC and our Russian partners to enhance support for small and medium-sized enterprises and diversify the Russian regions’ economy’, Said IFC Head Lars Thunell.
About IFC
IFC is incorporated in the World Bank Group. It is the largest global development institution focusing its activity on private sector in countries with developing and transitional economy. We create opportunities for overcoming poverty and improving living conditions of people. To this end, we extend financing to companies thus contributing to creating new jobs, expanding the supply of services, raise capital and provide consulting services to secure sustainable development. During the period of global economic uncertainty, the amount of IFC new investments increased to a record high of 18 billion dollars.
About Vnesheconombank
‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ was set up in line with the Russian Federal Law “On the Bank for Development” through reorganizing Vnesheconombank of the USSR in 2007.
Vnesheconombank is a key instrument for pursuing government economic policy aimed at increasing natural resources utilization efficiency, developing high technology industries, unlocking innovative and industrial potential of small and medium-sized enterprises, providing support for export of industrial products and services
Vnesheconombank participates in implementing investment projects significant for the development of the country’s economy that do not receive sufficient resources from private sector, given their considerable magnitude, complexity and long payback periods.
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