IFC Supports Development of Commercial Infrastructure in Belarus

Minsk, Belarus, July 2008-IFC, a member of the World Bank Group, has signed an agreement with Erilin Holdings Limited to provide Euro 8 mln to help build a new commercial building in Minsk, Belarus, that will address the shortage of commercial real estate in the capital city. The project will also facilitate the entrance of Russian and other international businesses into the country. This, in turn, should contribute to foreign direct investment inflows and help increase private sector development.

The main contractor and project administrator is Strominvest, one of the top five privately owned construction companies and real estate property developers in Belarus.

"We are grateful to IFC for its flexible financing structure and comprehensive approach to project development. This will strengthen our financial position and help us complete construction by November 2008," said Irina Koumpari, Director of Erilin Holdings Limited.

"With this project, IFC is providing long-term financial products that are not available locally to help improve the quality of commercial real estate offering in the country. We look forward to further collaboration with Erilin Holdings to improve environmental, fire, life safety, and social practices in Belarus," said Sergio Pimenta, IFC Senior Manager for Global Manufacturing and Services.