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IFC continues to support private sector development in Europe, Central Asia

19 September 2018 17:00 (UTC+04:00)
IFC continues to support private sector development in Europe, Central Asia

By Kamila Aliyeva

IFC, a member of the World Bank Group, has increased investment in the Europe and Central Asia region, spending $ 2.9 billion on long-term financing for projects that help diversify the economies of the region, improve access to finance for small businesses and reduce climate impact.

In fiscal year 2018, which ended on June 30, IFC invested $ 2.26 billion from its own funds and mobilized another $ 0.68 billion from other investors, Central Asian media outlets reported.

The financing was aimed at assisting the financial sector of the region in developing financing for small and medium-sized enterprises, supporting women's business, developing agribusiness and improving the infrastructure of cities.

IFC also supported international trade operations in the region amounting to $ 1.8 billion through 28 partner banks participating in the trade finance program.

The largest amount of IFC investments in the past fiscal year was sent to Turkey ($ 1.1 billion), Romania ($ 336.4 million), Serbia ($ 190.5 million), Ukraine ($ 129.1 million) and Kazakhstan ($ 111.5 million). Among the most significant deals are financing of 108 million euros in renewable energy production at wind farms in Serbia, financing totaling $ 120 million in the agricultural sector of Ukraine, and an investment of $ 75 million to support women entrepreneurs in Turkey.

Vibke Shlomer, IFC's Director for Europe and Central Asia, said that in the coming years, IFC will focus its activities on “supporting the nascent private sector in some of the region's poorest and most affected countries, and will continue to work in middle-income countries, to promote innovation, competitiveness and energy efficiency, as well as the development of sustainable urban infrastructure.”

IFC's Advisory Program in the region last year consisted of 79 advisory projects aimed at improving business regulation procedures, working with the private sector to combat climate change and assisting the companies of the region in improving corporate governance, environmental and social responsibility practices.

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Kamila Aliyeva is AzerNews’ staff journalist, follow her on Twitter: @Kami_Aliyeva

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