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IFC ADVANTAGE
The development of leasing is an integral part of the IFC’s overall strategy to promote financial sector and SME development in Ukraine.
The IFC is extremely well-positioned to deliver the proposed TA by virtue of:
- expertise in leasing development in countries of the former USSR
- extensive experience delivering technical assistance in Ukraine
- ability and desire to complement technical assistance with investment in leasing
IFC on Leasing Development in the Region
Since 1992, the IFC has been implementing technical assistance projects in the former USSR. Today, this extensive regional technical assistance effort is managed by the Private Enterprise Partnership (PEP), which is funded by the IFC. PEP was established in May 2002 to consolidate the IFC’s 10-years of experience providing technical assistance in the region and to manage the effort going forward with three complementary objectives: promote private sector investment and development, support SME growth, and create better conditions for business.
IFC has supported leasing throughout the developing world, as an advisor and as an investor. IFC has worked on legislation for leasing in 35 countries and has invested over $US 1 billion in 198 leasing companies in 46 countries. In 25 countries, IFC was involved as a founding shareholder in the country’s first leasing company.
PEP has led highly successful leasing development projects in countries of the former USSR. From 1997 to 2002, PEP established and operated the Russia Leasing Development Group (RLDG) through the support of the UK and Canadian Governments. The objective of the RLDG was to assist the Russian government in building an environment conducive to the development of financial leasing in Russia. The Project’s accomplishments include training over 1500 business people on aspects of leasing; drafting legislative amendments that have been adopted by the Russian government; and publishing and distributing a bi-monthly publication "The Leasing Courier", as well as a website that can be viewed at www.ifc.org/russianleasing. Today the value of leasing transactions in Russia is estimated at well over $US 2 billion.
The success of RLDG spawned two regional leasing development projects in Russia: Urals Leasing Development (August 2001 – April 2003, funded by the UK), and Northwest Russia Leasing Development (July 2002 – present, funded by the Finnish Ministry of Trade and Industry). The Northwest Russia project has been very successful in building links among Russian leasing companies, Russian lessees, and Finnish exporters.
In September 2001, through the support of the Swiss Government, IFC established the Central Asia Leasing Project (CALP), with operations on the ground in Kyrgyz Republic, Uzbekistan, and Tajikistan. This project has worked with internationally recognized leasing experts to draft leasing laws for Kyrgyz Republic and Tajikistan. In both countries, the project’s original legislation was accepted almost without change and was passed by respective Parliaments in 2002. In Uzbekistan, under CALP lobbying, 38 amendments to leasing legislation in the Civil Code, Tax Code, Law on Leasing, and the Law on Customs Tariffs were passed by Parliament. Hence, each country has created a progressive and transparent legislative framework to support the growth of leasing.
At the same time, CALP has trained over 2720 accountants, bank credit officers, entrepreneurs and government officials on leasing in the Kyrgyz Republic, Uzbekistan, and Tajikistan. Legislative changes and training combined have produced visible market impact. In Uzbekistan, total leasing company portfolio grew by 48% over 2002, and commercial banks increased their leasing operations by 30%. In Kyrgyz Republic, the first leasing companies were created. In Tajikistan, the leading bank introduced its first leasing transactions as well.
PEP continues to export to new countries its leading technical assistance in leasing. In May 2003, PEP launched a leasing development project in Azerbaijan, with funding from the Swiss government, and a joint corporate governance-leasing project in Georgia, with funding from the Canadian government.
The experience gained from launching and implementing these numerous leasing development projects in the region will be applied to reinforce the impact of the project in Ukraine.
IFC in Ukraine
IFC has been implementing technical assistance in Ukraine since 1993. The Ukrainian government looks to IFC to provide continued advice on private sector and SME development issues. Since Ukraine gained independence, IFC has assisted in drafting and/or amending more than 400 separate pieces of legislation that have had an impact on all businesses in Ukraine. The proposed Project is in line with IFC experience in Ukraine and has been designed on demand from policy makers and businesses in the country.
PEP currently manages a broad set of technical assistance activities that comprise almost 100 staff (90% local nationality) on the ground in Kyiv, Lviv, Odesa, Dnipropetrovsk, and Kherson. These projects have established contacts, local market intelligence, and infrastructure which will be invaluable to the proposed Project.
| Ukrainian Agribusiness Development Project |
March 2001- July 2004 |
Sweden (SIDA), Canada (CIDA) |
| Ukrainian Corporate Development Project |
April 2002 – April 2004 |
Swiss (seco), Canada (CIDA) |
| SME Survey & Policy Development |
2001 – Feb 2004 |
Norway, IFC |
| SME e-Toolkit Project |
2001 – Dec 2003 |
Norway, IFC |
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| | News | |
| |  | | 01.02.2012
Due to high customer loyalty and significant demand for the services of the Company, Porsche Finance Group in January 2012 won another top in financial services market by signing 5000 contracts on financing of Volkswagen, Audi and Porsche cars. It took the Company only 3 months to achieve a new thousandth milestone! | | | | 12.01.2012
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Porsche Finance Group and the Insurance Company “AXA Insurance” have signed the agreement on cooperation. Now every client of Porsche Finance Group who wants to buy such cars as Volkswagen, Audi and Porsche on loan or lease can take advantage of insurance services provided by IC “AXA Insurance." | | | |
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