Minsk, Belarus, July 18, 2008 — IFC, a member of the World Bank Group, has signed an agreement with A1, 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 $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 sees major development opportunities in this project. The BelMarket chain will help increase competition and promote private sector development. This will open new channels for small and medium producers to sell their goods. The project is also expected to generate many direct and indirect jobs,» said Nena Soiljkovic, IFC Director for Central and Eastern Europe.

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