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Kiev, Ukraine, Nov 28, 2012
—IFC, a member of the World Bank Group, is increasing its trade finance guarantee to Export-Import Bank of Ukraine (Ukreximbank) to $100 million to support better access to finance for export-oriented companies, helping sustain the country’s economic recovery and create jobs.
Ukreximbank is a leading trade finance intermediary in Ukraine. It was the first domestic bank in the country to join the IFC Global Trade Finance Program GTFP as an issuing bank, in July 2009, with the initially established guarantee limit of $40 million.
“Foreign trade was one of the sectors of the Ukrainian economy most affected by the global financial crisis, and cooperation with IFC helped us support our customers in the challenging environment
,”
said Olena Kozoriz, head of financial institution and trade finance at Ukreximbank. “Demand from the market has been steadily growing, and this increase of our trade finance guarantee will help us open up new opportunities for our clients.”
Rufat Alimardanov, IFC Regional Manager for Ukraine and Belarus, said, “The GTFP has helped Ukreximbank scale up its business by enhancing its ability to provide efficient solutions for corporate clients. Support to local banks under the program has been in the focus of our work in the Ukrainian financial sector. This helps local companies reach new markets and further expand foreign trade, a key for Ukraine’s sustainable development.”
The $5 billion Global Trade Finance Program (GTFP) gives priority support to trade flows that promote critical sectors, such as agriculture and energy efficiency, while maintaining strategic focus on small and medium enterprises, importers and exporters, and trade between emerging markets. With over 500 participating banks, the program links an extensive network of bank partners worldwide and allows them to conveniently finance their clients’ imports and export.
Through the trade finance program, IFC provides partial or full guarantees for individual trade transactions and covers the payment risk of issuing banks in various countries. It allows issuing banks to increase the volume and value of trade transactions, with enhanced tenors and access to competitive pricing terms. IFC has provided over $225 million in trade finance guarantees to Ukrainian banks under the program.
At its 5
th
Bank Partners Meeting in Dubai, IFC recognized Ukreximbank as the best GTFP issuing bank in Europe and Central Asia for pre-export financing for the 2012 fiscal year.
About Ukreximbank
JSC State Export-Import Bank of Ukraine is a full-service lending and financial institution 100 percent owned by the state. Ukreximbank serves both public and private sector clients, including subsidiaries of multinational lenders in Ukraine, and 38,000 locally owned SMEs. It also has a well-developed branch network that serves all major regions and industrial centers of Ukraine. Since its foundation, Ukreximbank has been part of a wide correspondent network that includes more than 850 banking institutions worldwide. For more information, visit
www.eximb.com
.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
.
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