OREANDA-NEWS  On 04 September was announced, that IFC, a member of the World Bank Group, is helping expand modern logistics services in Russia’s Novosibirsk region by supporting Megalogix’s effort to build a 120,361-square-meter logistics center in the region.

IFC has agreed to provide a USD 95 million financing package to Megalogix, which is building modern warehouses in major cities across Russia. The package comprises USD 40 million in debt financing for IFC's own account and USD 55 million in syndicated loans.

Megalogix is a joint venture between the Avalon Group, a leading distributor of consumer goods in Russia; and Raven Russia Limited, a London-listed real estate investment company.

“This is Raven Russia's second project with IFC and highlights the strong relationship we have developed  as we expand together across the Russian Federation”, said Richard Jewson, Chairman of Raven Russia. “The project demonstrates Raven Russia's ability to expand further into Russia’s regional cities and its continuing success in raising finance for quality projects at competitive rates in the current credit markets.”

“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.”