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. Last Updated: 07/27/2016

IFC Approves Bid

MOSCOW () -- The International Finance Corporation has approved an equity investment of up to 30 percent in Pioneer First Russia for the development of unit investment funds, an IFC officer said Friday.

Pioneer First Russia, the local holding company for the Boston-based Pioneer Group, is "doing something that's new and very important for the development of capital markets," said Dan Baldini, investment officer with IFC, the financial investment arm of the World Bank. The investment has been approved by IFC's board of directors but the transfer of funds as not yet been finalized, said a Pioneer representative.