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Moscow, November 5, 2008
—IFC, a member of the World Bank Group, will provide a $5 million trade finance guarantee to Russia’s Uraltransbank, helping it facilitate import-export transactions in the Urals region and access global financial markets.
Uraltransbank, a mid-size regional bank based in Ekaterinburg, has joined IFC’s Global Trade Finance Program as an issuing bank. The program, launched in 2005, supports trade with emerging markets worldwide. It aims to increase developing countries’ share of global trade and promote South-South flows of goods and services. Globally, the program has provided more than $3.1 billion worth of guarantees to 153 issuing banks in 63 countries.
Participation in the program allows Uraltransbank to access a global network of banks, support trade operations with exporters worldwide, and provide a higher level of service to its clients.
Mr. Valery Zavodov, President of Uraltransbank said: “For UTB, this deal is a very important sign of recognition from a reputable international partner. The guarantee facility will not only help us to increase volume and expand our foreign trade finance activities, but will also introduce us to new partners and facilitate our access to global financial market”
Snezana Stoiljkovic, IFC director for Central and Eastern Europe said: “In today's world, when access to finance is one of the most crucial issues for private sector development, we work with our long-term local partners—financial institutions—to expand access to finance for private companies and facilitate trade and business ties between emerging markets worldwide. We are happy to announce that our trade finance program has now one more reliable partner, Uraltransbank, to do so in Russia”.
This is IFC’s second project with the Uraltransbank, building on a partnership that began in 2003.
Russia became a member and a shareholder of IFC in 1993. Since then, IFC has invested more than $4 billion in the country in over 170 projects. IFC’s investment in Russia currently stands at $2.7 billion, making it the second largest country portfolio for IFC globally. IFC has invested in key sectors, including banking, leasing, housing finance, infrastructure, mining, agribusiness, pulp and paper, construction materials, oil and gas, telecommunications, information technologies, retail, and health care. For more information, visit
www.ifc.org/europe.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit
www.ifc.org
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About UralTransBank
OJSC Uraltransbank is a regional bank that renders complete package of services to individuals, small and middle-size businesses and industrial enterprises. The Bank grew out of Kaganovich branch of the State Bank of the USSR, established in 1947. In 2007 OJSC Uraltransbank celebrated its 60th anniversary. The Bank operates under General License of the Central Bank of Russia No 812 dd. 01-July-1997. Nowadays the Bank has a wide branch network on the territory of Urals Federal Okrug and Permsky Kray. The network includes 57 offices. For more information, visit
www.utb.ru
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