International Finance Corporation (IFC), the private-investment arm of the World Bank Group, has agreed to loan RUB 300 million (USD 10.3 million) to Joint Stock Company Metallurgic Commercial Bank (Metcombank), a private Russian lender. Metcombank will use the funds to increase lending to small and medium-sized enterprises (SMEs). According to Snezana Stoiljkovic, IFC director for Europe and Central Asia, SMEs “are key to diversifying and modernizing Russia’s regional economies.”
Metcombank will also join the IFC’s Global Trade Finance Program, an initiative that supports 200 banks in approximately 80 countries by guaranteeing the foreign trade transactions of their clients.
As of September 2011, financial information is not accessible on Metcombank’s website.
By Rohan Trivedi, Research Associate
About International Finance Corporation (IFC):
A member of the World Bank Group, the International Finance Corporation (IFC) offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2011, IFC has 182 member countries that drive its policies and approve disbursements. As of June 30, 2010, IFC reports net income of USD 1.75 billion, total assets of USD 61 billion, return on assets of 3.1 percent and total investment mobilization of USD 18.4 billion to 528 projects.
About Metcombank:
Metcombank (Metallurgical Commercial Bank) is a commercial bank that was founded in 1990 and has its headquarters in Cherepovets, Russia. Metcombank offers a range of financial products and services to private clients, corporate customers, financial institutions and small and medium-sized enterprises (SMEs). As of September 2011, financial information is not accessible on the organization’s website.
Sources and Additional Resources:
[1] IFC Press Release: “IFC Helps Metcombank Expand Financing for Small Businesses in Russia”, http://ifcext.ifc.org/IFCExt/Pressroom/IFCPressRoom.nsf/0/2EBADE4860ACAF3D85257909004FE2B1
MicroCapital.org story, August 3, 2011: “MICROCAPITAL BRIEF: International Finance Corporation (IFC), FMO of The Netherlands to Loan $30m to Costa Rica’s National Cooperative of Educators (Coopenae) for Housing Finance, Support to Small- and Medium-Sized Enterprises (SMEs)”, https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-fmo-of-the-netherlands-to-loan-30m-to-costa-rica’s-national-cooperative-of-educators-coopenae-for-housing-finance-support-to-sm/
MicroCapital.org story, July 27, 2011: “MICROCAPITAL BRIEF: International Finance Corporation (IFC) Funds $80m Liquidity Facility to Bangladeshi Local Banks to Meet Small and Medium-Sized Enterprise (SME) Funding Needs”, https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-funds-80m-liquidity-facility-to-bangladeshi-local-banks-to-meet-small-and-medium-sized-enterprise-sme-funding-needs/
MicroCapital Universe Profile: International Finance Corporation (IFC), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29
MicroCapital Universe Profile: Metcombank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Metcombank
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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