The International Finance Corporation (IFC), a member of the World Bank Group, recently announced it is providing a EUR 40 million (USD 52 million) loan to Serbia’s Société Générale Banka Srbija, a member of the Société Générale bank group, to increase financing for agribusiness. Société Générale Banka Srbija has total capital of RSD 13 billion (USD 158 million) as of fiscal 2007.
The financing is a part of IFC’s regional strategy to stimulate banking for small and medium–sized businesses and agriculture. IFC has prioritized the financing of agribusiness in an effort to reduce poverty and stimulate economic development.
By Jennifer Shevock, Research Associate
About International Finance Corporation:
A member of the World Bank Group, the International Finance Corporation (IFC) uses loan and debt securities, equity investments and guarantees with the intent of alleviating poverty. It invests in financial institutions and other companies in emerging markets as well as providing technical assistance. The IFC has 182 member countries that collectively determine its policies and approve investments. In fiscal year 2009, its new investments totaled USD 14.5 billion.
About the World Bank Group:
The World Bank Group consists of five associated institutions, all owned by member countries that carry ultimate decision-making power. The group’s mission is to fight poverty and improve living standards for people in the developing world. The World Bank Group includes the World Bank, which consists of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA); the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA) and the International Centre for Settlement of Investment Disputes (ICSID). Established in 1944, the World Bank’s two development institutions, IBRD and IDA, provide leveraged loans to developing countries for capital programs.
About Société Générale:
Société Générale is a French financial institution specializing in retail banking, corporate and investment banking and investment management and services. Total assets are EUR 1 trillion (USD 1.3 trillion) at December 31, 2009.
Sources and Additional Resources:
Press Release: “IFC Loan to Increase Agribusiness Lending in Serbia, Support Economic Recovery” July 16, 2010. http://www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/00AD2FA780BE3C8585257762004E5136?OpenDocument
MicroCapital Universe: International Finance Corporation: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+(IFC)
MicroCapital Universe: World Bank Group: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=The+World+Bank+Group
MicroCapital Universe: Société Générale: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Societe+Generale
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: Echosys, Rgreen Raise $93m for Solar Power for SMEs in Africa via Afrigreen Debt Impact Fund
- MICROCAPITAL BRIEF: Joliba Capital Raises $58m in Equity from FMO, IFC, Proparco to Support SMEs, Mid-caps in Central, West Africa
- MICROCAPITAL BRIEF: Hamkorbank of Uzbekistan Borrows $50m from FMO to Fund SMEs Owned by Women, Youth; Microenterprise; Climate Projects
- MICROCAPITAL BRIEF: KEPFIC Member Pension Funds Invest $61m in Acorn Holdings, Kenya Mortgage Refinance Company (KMRC) to Boost Affordable Housing
- MICROCAPITAL BRIEF: World Bank’s IDA Lending $15m to Djibouti for Low-income Housing Finance, Policy Reform
