OREANDA-NEWS. October 3, 2011. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ participated in founding the International Development Finance Club (IDFC). A corresponding agreement was signed by 19 leading national and regional development banks on September 25, 2011 in the course of the IMF and the World Bank session in Washington DC.

This organization was founded to exchange experience and new ideas associated with implementing projects in such sectors as infrastructure, ecology, energy efficiency, innovations, social development, development of small and medium-sized enterprises and poverty alleviation. The Club is to undertake its activity in accordance with its Statutes which set forth the Club’s goals, strategic objectives and institutional structure as well as in accordance with the Working Program for 2011-2014.

Meetings of member-banks are expected to be timed to coincide with annual sessions of the IMF and the World Bank as well as with other important international events a part of which presentations are scheduled on funding projects in the Club’s top-priority lines of activity. KfW Bankengruppe acted as an initiator of setting up the Club. Its Head Ulrich Schroeder was elected as Chairman of the Club.

Members of the International Development Finance Club are KfW Bankengruppe, the China Development Bank, Banco Nacional de Desenvolvimento Economico e Social (BNDES), the Japan International Cooperation Agency (JICA), the Black Sea Trade and Development Bank (BSTDB), the Andean Development Corporation (CAF), the Development Bank of Southern Africa (DBSA), the Industrial Development Bank of Turkey (TSKB), the Small Industries Development Bank of India (SIDBI), the Croatian Bank for Reconstruction and Development (HBOR).