DUSHANBE, July 13, 2012, Asia-Plus — During fiscal year 2012, International Finance Corporation (IFC) supported the private sector in Europe and Central Asia by investing a record $4.2 billion in 114 projects; advising banks on risk and nonperforming asset management; and advising companies on sustainable business practices and public-private partnerships, press reels issued by IFC said.
IFC reportedly channeled about 55 percent of its total commitments in Europe and Central Asia to the financial sector, expanding access to finance for businesses and individuals, with a focus on underserved countries and regions. Some $1.3 billion of IFC’s commitments were mobilized from international and regional commercial banks, despite the economic uncertainty in European financial markets affecting much of the region, constraining credit and limiting investment.
According to IFC Director for Europe and Central Asia, Tomasz Telma, IFC continued to play a countercyclical role in Europe and Central Asia in fiscal 2012 by supporting inclusive and sustainable private sector growth, with a focus on access to finance, agribusiness, infrastructure, and climate change-related projects.
In FY13, IFC will continue to support the diversification of economies, ensuring access to basic goods and services and expanding efforts to counteract climate change. By focusing on the poorest countries and regions, IFC aims to create opportunity where it’s needed most.
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.
