IFC Investment in Locko Bank to Expand Access to Finance for Smaller Businesses ...

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Jul 2008
Moscow, Russia, July, 14 2008 - IFC, a member of the World Bank Group, is supporting the lending program and regional expansion of Locko Bank, a midsize commercial bank in Russia, focused on lending to small and medium enterprises. In addition to its own funds, IFC has mobilized resources from other financial institutions.

The $65 million financing package comprises a three-year $20 million loan for IFC’s own account and a one-year $45 million syndicated loan.

Mikhail Pavlov, Deputy Chairman of the Locko Bank Management Board, said, “We welcome this financing from IFC and its syndication partners. It will help us serve our SME clients better, accelerate economic expansion in Russia, and introduce us to the new financiers that participated in the syndicated loan.”

IFC became a shareholder of Locko Bank in 2006, and it has a seat on the board of directors and actively participates in the bank’s strategic management.

Nena Stoiljkovic, IFC Director for Central and Eastern Europe, said, “We are excited to work with Locko Bank as a shareholder and financier. We are very satisfied with the bank’s dynamic development and look forward to its further growth and geographic expansion.”

Source : IFC
 

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