IFC expanded its investment commitments to throughout Europe and Central Asia with $2.9 billion in investments commitments to help promote access to finance for SMEs.
European investments included: $336.4 million to Romania, $190.5 million to Serbia and $129.1 million to Ukraine. According to the article, funds went to benefit the agribusiness sector and renewable energy production.
Future plans for IFC to support this region include, developing the private sector in some of the “poorest and conflict-affected countries”, along with advancing “innovation, competitiveness, energy efficiency and sustainable urban infrastructure”, according to Wiebke Schloemer, IFC’s director for Europe and Central Asia.
According to the article, IFC has applied 79 advisory projects in the region and will support high-impact projects associated with climate change, financial inclusion and create new jobs during next fiscal year.