DGAP-News: Metallurgical Commercial Bank: IFC Helps Metcombank Expand Financing for Small Businesses in Russia

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Metallurgical Commercial Bank: IFC Helps Metcombank Expand Financing
for Small Businesses in Russia

09.09.2011 / 11:23

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In Moscow:
Nezhdana Bukova, IFC
Phone: +7 495 411 7555
E-mail: NBukova@ifc.org

Elena Avramenko, Metcombank
Phone: +7 (495) 783-44-30
E-mail: pr@metcombank.ru

In Washington, D.C.:
John McNally, IFC
Phone: +1 202 458 0723
E-mail: JMcnally@ifc.org

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.

About IFC
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. We help developing
countries achieve sustainable growth by financing investment, providing
advisory services to businesses and governments, and mobilizing capital in
the international financial markets. In fiscal 2011, amid economic
uncertainty across the globe, we helped our clients create jobs, strengthen
environmental performance, and contribute to their local communities-all
while driving our investments to an all-time high of nearly $19 billion.
For more information, visit www.ifc.org

Stay Connected
www.facebook.com/IFCwbg
www.twitter.com/IFC_org
www.youtube.com/wbifc
www.ifc.org/SocialMediaIndex

About Metcombank
JSC Metallurgic Commercial Bank, headquartered in Cherepovets, is a
universal bank offering services to corporate and retail clients, with a
focus on small and medium companies. The bank was established in 1990 as
the Cherepovets branch of the Industrial and Construction Bank of the USSR.
The bank–s shareholders are CJSC Severgroup and Capital Ltd. For more
information, visit www.metcombank.ru.

End of Corporate News

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138787 09.09.2011

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