IFC supporting Siberian logistics development

IFC supporting Siberian logistics development The International Finance Corp., a member of the World Bank Group, said Wednesday it has agreed to provide a $95 million financing package for a 120,361-square-meter logistics center project in Russia's Novosibirsk region.
   The package to Megalogix comprises $40 million in debt financing for IFC’s own account and $55 million in syndicated loans. Megalogix is a joint venture between the Avalon Group, a distributor of consumer goods in Russia; and Raven Russia Ltd., a real estate investment company listed on the London Stock Exchange.
   'Business infrastructure, particularly warehouses, is key to developing the Russian economy,' said Dimitris Tsitsiragos, IFC director for global manufacturing and services. 'We are pleased to continue providing financial support to Raven Russia. This will help develop a warehouse network in Russia’s frontier regions, and the syndications will help introduce the capital-intensive project to international banks.'
   Since Russia became a member and a shareholder of IFC in 1993, IFC has invested more than $3.6 billion in the country, including $527 million in syndicated loans, in more than 150 projects across a variety of sectors. IFC's investment portfolio in Russia stands at $2.24 billion, making it the largest country exposure for IFC globally.