"We touched upon this organisation's [IFC] participation in Vneshtorgbank's capital. I think it is highly likely that the IFC will become Vneshtorgbank's shareholder," said Mr. Kudrin.
According to the Russian minister, it is yet early to talk about the IFC's exact share in the bank's structure.
Vneshtorgbank is Russia's largest commercial bank in terms of authorised capital, which makes 42.1 billion roubles ($1 equals 29 roubles). The Russian government is its major shareholder (99.9%). The bank's own funds account for 62.3 billion roubles, with pure assets making 276.2 billion roubles as of April 1, 2004.
The IFC is a member of the World Bank Group. Today the IFC is the most significant multilateral source of loans for private sector projects in developing countries. Its main goal is to encourage the private sector development.
Founded in 1956, the IFC has provided over $21.2 billion of its own funds and has assisted the provision of about $15 billion of syndicated loans for 1,852 companies from 129 developing nations. The IFC's authorised capital accounts for $2.45 billion.
