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Kyiv, Ukraine, July 22, 2009
—IFC, a member of the World Bank Group, is providing a $40 million trade finance guarantee to JSC State Export-Import Bank of Ukraine (Ukreximbank) that will allow the bank to expand its foreign trade operations and increase access to finance for private sector businesses in Ukraine.
Ukreximbank is a leading trade finance intermediary in Ukraine and the first domestically owned bank in Ukraine to join the IFC Global Trade Finance Program as an issuing bank. The bank will have access to the program’s global network of 170 issuing banks and more than 170 confirming banks.
“Foreign trade is one of the sectors of the Ukrainian economy most affected by the global financial crisis,” said Ukreximbank Deputy Chairman Mykola Udovychenko. “IFC’s trade finance program will help us support our customers’ international transactions, enable us to play a catalytic role in the local market, maintain key relationships with our correspondent banks, and establish new relationships.”
Elena Voloshina, IFC Country Representative in Ukraine, said, “We are pleased to establish a relationship with Ukreximbank through the Global Trade Finance Program. This transaction reflects our strategic focus in Ukraine and will help small and medium businesses reach new markets and expand foreign trade.”
Launched in 2005, the Global Trade Finance Program supports trade with emerging markets worldwide and promotes the flow of goods and services to and from developing countries. IFC provides partial or full guarantees for individual trade transactions and covers the payment risk of 170 issuing banks in more than 75 countries. The program extends and complements the capacity of banks to deliver trade finance by providing risk mitigation on a per-transaction basis in challenging markets where trade finance facilities may be limited. In May 2008, IFC provided a $30 million trade finance line to Ukraine’s Raiffeisen Bank Aval under the program to support its corporate clients and small and medium enterprises in the country.
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 totalled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit
www.ifc.org
.
About Ukreximbank
JSC State Export-Import Bank of Ukraine is a full-service lending and financial institution 100 percent owned by the state.
Ukreximbank serves both public and private sector clients, including subsidiaries of multinational lenders in Ukraine, and 38,000 locally owned SMEs. It also has a well-developed branch network that serves all major regions and industrial centers of Ukraine.
Since its foundation, Ukreximbank has been part of a wide correspondent network that includes more than 850 banking institutions worldwide. For more information, visit
www.eximb.com
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