Tashkent, Uzbekistan (UzDaily.com) -- IFC, a member of the World Bank Group, announced today that it committed a record US$3 billion to 105 projects in Europe and Central Asia during fiscal year 2010, providing critical support in the region hardest hit by the global economic crisis.

More than 50 percent of IFC’s new investments in the year that ended on June 30, 2010 targeted the region’s banks, helping ensure that companies and individuals continue to have access to the finance they need. Nearly half of this activity was in frontier regions or the region’s poorest countries.

IFC’s crisis response facilities delivered strong results, committing more than US$560 million in support of the region’s importers and exporters through the Global Trade Liquidity Program and IFC Global Trade Finance Program, and more than US$120 million to help with distressed debt and asset recovery through the Debt and Asset Recovery Program.

Commitments in non-financial sectors totaled US$759 million, including US$208 million for agribusiness and US$61 million for health and education projects.

“The coordinated approach taken by IFC and other international finance institutions has delivered strong results in Europe and Central Asia this year, supporting banks and businesses,” said Rashad Kaldany, IFC Vice President for Asia, Eastern Europe, Middle East and North Africa. “IFC has delivered on its commitments under the Joint International Finance Institution Action Plan for Central and Eastern Europe and promoted regional priorities such as addressing climate change and the sustainable development of agribusiness and infrastructure.”

IFC investments also addressed a number of regional priorities this year. Highlights include:

• Climate change: Nearly US$527 million in more than 20 projects, focused on energy efficiency, renewable energy, and cleaner production
• Frontier regions of middle-income countries: A record US$807 million committed
• Infrastructure: US$646 million committed; 63 percent in frontier regions or the poorest countries; 30 percent with a climate change component
• Investments between emerging markets: A record US$225 million in seven projects
• Micro, small, and medium enterprises: US$861 million committed; 25 percent of total projects
• Central Asia and Azerbaijan: A record US$400 million committed
• Southern Europe: US$848 million, including major transactions with Slovenia’s Gorenje and Turkey’s Akenerji

This year in the region, IFC Advisory Services trained more than 500 stakeholders on crisis-related topics, helped catalyze the market for investments in energy efficiency and cleaner production, supported infrastructure development through public-private partnerships, and helped develop the agricultural sector and improve corporate governance.