Eximbank pledges $50 mln to IFC fund
State-owned Hungarian Export-Import Bank (Eximbank) has joined the Financial Institutions Growth Fund of the International Finance Corporation (IFC), a member of the World Bank Group, with a $50 mln pledge, the bank said yesterday.
The financial sector in developing countries has great growth potential, while it also supplies important innovative growth capital for companies, said Zoltán Urbán, CEO of Eximbank.
According to the IFC, the fundʼs mandate is to make equity investments in emerging market financial institutions and to support private sector development by increasing much needed access to financing for small- and medium-sized enterprises in those markets.
Eximbank first began cooperating with IFC in 2014 by agreeing to provide $20 mln in support for private sector development projects in Asia, the Middle East, North Africa and the Balkans.
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