PROJECT

Projects

Summary of Proposed Investment

Project Number

28037

Company Name

FAKTORRUS, OOO

Date SPI Disclosed

Apr 8, 2009

Country

Russian Federation

Industry

Financial Markets

Projected Board Date

May 29, 2009

Status

Completed

Sector

Finance Companies

Department

Regional Industry FIG LAC & EUR

Environmental Category

C - No Impact

Previous Events

Approved : Nov 12, 2009
Signed : Nov 13, 2009
Invested : Mar 7, 2011

Project Description

FactorRus is a greenfield factoring company to be established in Russia by FIMBank of Malta, Transcapitalbank (TCB) of Russia, and IFC as a 40-40-20 joint venture. FactorRus will provide financing to Russian corporates (mostly SMEs) against assignment of receivables from off-takers/buyers. As a result of the global financial crisis traditional bank funding is drying up and factoring offers an alternative source of funding for local SMEs.

Sponsor / Cost / Location

Development Impact