Minsk, Belarus, February 26, 2010
—IFC, a member of the World Bank Group, is partnering with Belarusky Narodny Bank to expand access to trade finance for small and medium companies in Belarus.
IFC is providing the bank with a $3 million guarantee line through its Global Trade Finance Program. This will allow the bank to expand its trade finance operations and contribute to foreign trade development in Belarus.
Craig Bell, IFC Representative in Belarus, said, “Trade finance helps restore and expand trade ties between companies and countries. We see significant potential for expansion of our Global Trade Finance Program in Belarus, in partnership with Belaruski Narodny Bank, which will open new foreign trade opportunities for its clients.”
Constantine Tsereteli, CEO of the OJSC Belarusky Narodny Bank, said,”We very much welcome cooperation with IFC. The IFC Global Trade Finance Program will expand our capacity to finance foreign trade transactions of our customers and connect us to the global network of participating partner banks.”
The IFC Global Trade Finance Program supports trade with emerging markets worldwide by providing risk mitigation. The Global Trade Finance Program extends and complements the capacity of banks to deliver trade finance on a per-transaction basis in challenging markets where trade lines may be limited. This allows IFC to facilitate an increase in developing countries’ share of global trade and promote South-South flows of goods and services. Since being launched in 2005, the program has issued more than $6.8 billion in guarantees worldwide through a network of more than 360 banks.
IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with IBRD
,
it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries—including by supporting foreign trade in the emerging markets worldwide.
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 $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
.
About OJSC Belarusky Narodny Bank
Belarusky Narodny Bank is a commercial bank offering broad range of financial services to its customers in Belarus. Small and medium enterprises and affluent individuals are the main target customer groups of the bank. As of February 2010, Belarusky Narodny Bank served its customers through four branches - three in Minsk and one in Vitebsk. The authorized capital of the bank is BYR 69.2 billion. Bank of Georgia controls 99.98% of Belarusky Narodny Bank shares. For more information, visit
www.bnb.by.
