IFC, a member of the World Bank Group, and the Swiss Investment Fund for Emerging Markets (SIFEM) will streamline their collaboration to provide much-needed financing to private companies in emerging markets and help boost growth and jobs.
SIFEM is the 22nd development finance institution to sign IFC's Master Cooperation Agreement (MCA), which standardizes steps that lenders take when co-financing projects with IFC. This streamlined approach saves time and money for lenders and borrowers. Since the MCA was established in 2009, signatories have co-invested more than $3 billion in loans with IFC to support private sector development.
"SIFEM is pleased to join the MCA, which will further deepen the already excellent cooperation with IFC and increase our impact on the ground," said Jean-Daniel Gerber, Chairman of SIFEM Board.
Dimitris Tsitsiragos, IFC Vice President, said: “IFC and SIFEM share the goals of promoting entrepreneurship and job creation in emerging markets. The MCA model will allow us to more efficiently respond to the financing needs of our private sector clients, contributing to long-term, sustainable and broad-based growth in emerging markets and globally.”
IFC works closely with Switzerland to provide financing and advice to promote private sector development in emerging markets. IFC and SIFEM have a longstanding partnership of co-investments in private equity funds focused on small and medium enterprises in developing countries.
IFC created the MCA in response to calls by the Group of 20 for official finance institutions to collaborate more closely to help meet shortfalls in private sector financing during the global financial crisis. For a list of MCA signatories, visit http://www.ifc.org/wps/wcm/connect/topics_ext_content/ifc_external_corporate_site/ifc+syndications/overview_benefits_structure/syndications/parallel+loans
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IFC, Switzerland Strengthen Collaboration For Private Sector Development In Emerging Markets
Date 13/10/2014