The IFC invests a lot of money in Europe and Central Asia. For instance, in the 2009 fiscal year, the IFC invested just under $3 billion in this region. Since the IFC began working in Europe and Central Asia, in the 1970s, approximately $18.4 billion has been invested in over 2000 projects. Russia and Turkey take home the lion’s share and are both members of the IFC’s top ten countries in investment activities. Generally, the IFC invests in financial markets (with hopes of stimulating small and medium-size business growth/creation), manufacturing, agribusiness, and IT. $8.9 billion is committed in Europe and Central Asia from the IFC’s coffers (IFC).
Over the past decade, the IFC has increasingly focused on implementing a full-range of advisory services to “facilitate private sector growth and investment, and private participation in infrastructure.” As a result of IFC advisory services: * Over 20,000 entities reached through training and consultations. * 246 laws/regulations enacted to improve the business enabling environment. * $3.7 billion in financing enabled, including $278 million invested by IFC. * More than 5 million tons of greenhouse-gas emissions avoided. * Over $480 million in cost savings for the private sector, as well as $92 million in funds released through alternative dispute resolution. * Increased revenues for client companies of $529 million, including $129 million in export sales. * Enabled landmark public-private partnerships (PPPs) resulting in $349 million in investment and expected to provide improved access to infrastructure for over 3.4 million people (Advisory).
In 1993, Russia joined the IFC. Since then, nearly $4.5 billion has been invested in Russia which serviced over 180 projects. Moreover, Russia is the second leading country among member nations in terms of IFC investment portfolio allocation. Every sector of investment is represented by Russia and Russia has received a very high amount of IFC advisory services since 1993. In fact, Russia served as a model for the IFC’s advisory panel and due to its widely acclaimed success helped create the advisory model the IFC currently implements.
In 2002, the IFC allocated funds from the Canadian International Development Agency (CIDA) to the Russia Far East Business Development Project (RFEBDP). Russia’s Magadan region (far Northeast) has always faced problems associated with scarcity of business leaders. As such, the RFEBDP focuses on assisting small and medium-sized companies “to overcome basic but critical barriers to their development, including weak business management skills, limited access to market