Almaty, Kazakhstan, June 4, 2012
—IFC, a member of the World Bank Group, has established a trade-finance guarantee facility for Subsidiary Bank Sberbank of Russia Joint Stock Company to improve access to financing and new markets for Kazakhstan’s private sector exporters and importers.
The facility was established through IFC’s Global Trade Finance Program, which supports trade into and between emerging markets by providing partial or full guarantees, backed by IFC’s triple-A rating, for individual trade transactions. It will help private sector companies in Kazakhstan access competitive sources of international trade financing for their import and export operations and enhance SB Sberbank JSC’s capacity to build relationships with leading international and regional financial institutions, particularly in Asia.
As part of this initiative, SB Sberbank JSC has signed on as an issuing bank in IFC’s Global Trade Finance Program. The program includes more than 200 partner banks in over 90 emerging-market countries.
“One of SB Sberbank JSC’s core principles is client orientation, and we aim to provide the best banking services to our customers, particularly to companies involved in international trade,” said Shuhrat Sadyrov, Acting CEO of SB Sberbank JSC. “By joining IFC’s Global Trade Finance Program, we will be able to provide better access to finance for local enterprises and contribute to the development of sustainable economic growth in Kazakhstan.”
As a member of the program, SB Sberbank JSC, the country’s seventh-largest bank, will be able to leverage its branch network, customer base and operational structure to increase access to trade finance and expand its delivery of international business services to small and medium enterprises, a recently added business line and a top corporate priority.
“Global connections offered by IFC’s Global Trade Finance Program to SB Sberbank JSC will enable the bank’s clients to expand their existing trade channels and access new markets,” said Georgina Baker, IFC Director of Global Trade and Supply Chain Solutions. “These opportunities will help small and medium enterprises in Kazakhstan to grow their businesses, thereby creating jobs and spurring economic growth.”
Since its inception in 2005, IFC’s Global Trade Finance Program has issued more than 12,000 guarantees totaling $17 billion on trade-related payment obligations in emerging markets. Most significantly, in fiscal 2011, 53 percent of the program’s total volume was to support trade in the world’s poorest countries, and 79 percent went to small and medium enterprises.
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, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
.
Stay Connected
