OREANDA-NEWS. On 23 July 2008 was announced, that IFC, a member of the World Bank Group, has signed an agreement with A1 Group, a subsidiary of the Russian consortium Alfa Group, to provide financing to a food retail project named Belmarket. Belmarket, one of the first large retailers in the country, will increase competition in the local retail sector and improve operational efficiencies. It will also expand access to modern retail services by offering quality fresh produce and other products at fair prices.

IFC will provide a USD 6 million loan facility, which will be used to finance the launch of 128 stores.

“Cooperation with IFC substantially increases Belmarket’s prospects in the market. IFC is a strong and experienced partner. We had two joint projects with IFC, Vladpivo in Russia and Syabar in Belarus, and both projects were successful. IFC’s participation provides us the first class investment and financial expertise,” said Alexander Babikov, Belmarket’s Chairman of the Board.

“IFC is pleased to support this project due to its major development impact, which includes the increase in competition in the retail sector and promotion of sustainable private sector development in Belarus. In addition, this project will open new channels for small and medium producers in the country to sell their goods to reliable buyers. The project is also expected to generate many direct and indirect jobs,” said Nena Soiljkovic, IFC Director for Central and Eastern Europe.