Washington, D.C., March 30, 2007 -
IFC, the private sector arm of the World Bank Group, announced today that France’s VTB Bank (France) SA has joined the Global Trade Finance Program as a confirming bank.
IFC’s Global Trade Finance Program supports trade with emerging markets worldwide by supporting the flow of goods and services to and from developing countries. IFC provides guarantee coverage of the bank’s 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.
Patrick Delozière, a member of the Executive Board of VTB Bank (France) SA, said, “We are very pleased to join the Global Trade Finance Program, which actively promotes global trade in Africa, Asia, Latin America, Eastern Europe, and the Middle East. Our partnership with IFC will enable us to provide efficient trade solutions to our clients as well as to enhance our trade finance business worldwide.”
The Global Trade Finance Program offers confirming banks partial or full guarantees to cover payment risk to banks in emerging markets. The IFC program will allow VTB Bank (France) SA to extend its geographical reach farther into emerging markets and will facilitate broader risk coverage for challenging trade transactions.
About IFC
The International Finance Corporation, the private sector arm of the World Bank Group, is the largest multilateral provider of financing for private enterprise in developing countries. IFC finances private sector investments, mobilizes capital in international financial markets, facilitates trade, helps clients improve social and environmental sustainability, and provides technical assistance and advice to businesses and governments.
From its founding in 1956 through FY06, IFC has committed more than $56 billion of its own funds for private sector investments in the developing world and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. With the support of funding from donors, it has also provided more than $1 billion in technical assistance and advisory services. For more information, visit
www.ifc.org
.
About VTB Bank
VTB Bank (France) SA, formerly BCEN-EUROBANK, is a French bank with Russian capital and is a member of VTB Bank Group. The bank has been incorporated since 1921 under French Iaw.
VTB Bank (France) SA offers a responsive platform for importers, exporters, traders, and financial institutions for their projects in structured financing, international trade, and export financing. The bank provides a select network of correspondents in Russia and the CIS countries to respond to customers’ needs under competitive terms.
Enriched by the experience of historical commercial relations between France and Russia and its capacity to adapt to a fast-expanding market, the bank has secured its position in many economic sectors.
