World Bank investment arm targets Russia

MANHASSET, N.Y. -- The World Bank's investment arm is backing mid-sized companies in Russia with a $20 million investment in the Elbrus Capital Fund.

The International Finance Corp. (IFC) said it will focus investments through the Elbrus fund on small and medium-sized companies on the assumption they are best positioned to create jobs and deliver new services to Russia markets.

The Elbrus fund  is targeting $500 million in total funding and will aim to gain controlling stakes in mid-cap growth Russian companies.

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IFC's financing and advisory services are intended to help companies improve corporate governance and become more competitive. Its investment portfolio in Russia totals $837 million.

IFC, the investment arm of the World Bank Group, provides financing to companies in developing countries. Its investments are expected to total more than $20 billion this year.