MDM Bank and IFC Attract Loan for Russia’s Real Economy

07.11.2008 16:26

Moscow, 7 November 2008 – MDM Bank announces that it has received a six-month, USD 10 million loan, guaranteed by the International Finance Corporation (IFC), from a large international bank. The loan will be used to finance the foreign trade operations of the Bank’s clients and is guaranteed as part of the IFC Global Trade Finance Program.

Commenting on the deal, MDM Bank Management Board member Sergei Babayan said: “We are pleased that our many years of fruitful collaboration with IFC have provided us with the opportunity to attract funds to develop the Russian economy. This is especially important now, when Russian companies so acutely need financial resources.”

MDM Bank, a leader among Russian private banks, maintains an active partnership with the IFC in a number of areas, including financing real economy projects. Lending to Russian companies seeking to acquire energy-efficient technology is another important area of collaboration.

MDM Bank plans to continue developing partnerships with foreign banks to provide trade financing for its clients, including further projects within the IFC Global Trade Finance Program.

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07.11.2008 16:27

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