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Moscow, March 19, 2008
—IFC, a member of the World Bank Group, today announced that it will increase the trade finance guarantee facility for the Credit Bank of Moscow, a private bank offering universal banking services. The bank will use the guarantee of up to $40 million to facilitate import-export transactions for its SME clients.
The Credit Bank of Moscow was the first issuing bank in Russia to join the IFC Global Trade Finance Program, which supports trade with emerging markets worldwide by promoting flows of goods and services to and from developing countries. IFC provides guarantee coverage of bank risk in emerging markets, allowing recipients to expand their trade finance transactions within an extensive network of countries and banks and to enhance their trade finance coverage.
IFC issued its first guarantee under the program in 2005. Since then, IFC has reached $2.03 billion in issued guarantees, representing 1,566 transactions. Today, IFC provides risk coverage for over 100 banks across 55 countries.
This is IFC’s third project with the Credit Bank of Moscow, building on a partnership that began in 2004.
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit
www.ifc.org
.
Russia became a member and shareholder of IFC in 1993. IFC’s investment portfolio in the country stands at $2 billion, making it the largest country exposure for IFC globally. IFC has invested in key sectors including agribusiness, banking, construction materials, health care, housing finance, information technologies, infrastructure, leasing, mining, oil and gas, pulp and paper, retail, and telecommunications. For more information, visit
www.ifc.org/europe
.
About Credit Bank of Moscow
Credit Bank of Moscow is a universal privately owned commercial bank set up in 1992. Having started business in Moscow and Moscow region, the bank is now expanding to other regions of Russia. CBOM has a network of 55 branches in 12 Russian cities and intends to have up to 75 branches by the end of the year. The bank reported total assets of $1.7 bln and equity of $223 mln as of 2007YE. Credit Bank of Moscow is rated B- (positive) by Fitch and B1 (Positive) by Moody’s.
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