Moscow, Russia, July 6, 2009
—IFC, a member of the World Bank Group, is providing Russia’s RosEvroBank with a $20 million trade finance guarantee that will allow the bank to expand foreign trade financing to its small and medium clients throughout the country.
RosEvroBank has joined IFC’s Global Trade Finance Program as an issuing bank. IFC will provide the bank with up to 100 percent guarantees for the import and export operations of its clients. The bank will have access to a global network of
more than 300 banks participating in the program.
“Trade finance is in great demand today. IFC’s trade finance program will give us more opportunities to support international transactions of our customers,” said Deputy Chairman of RosEvroBank Dmitry Pavlov. “With IFC’s support we will also be able to expand a network of our partner banks to new regions and markets globally.”
Snezana Stoiljkovic, IFC Director for Central and Eastern Europe, said: “We are glad to start our cooperation with RosEvroBank. By joining the IFC Global Trade Finance Program the bank will help Russian small and medium companies reach new markets and expand foreign trade in Russian regions.”
The IFC Global Trade Finance Program, launched in 2005, 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 over 150 issuing banks in over 75 countries. The program allows issuing banks to increase the volume and value of trade transactions, with enhanced tenors and access to competitive pricing terms.
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 RosEvroBank
RosEvroBank is a privately-owned bank established in 1994. Over the past five years the Bank developed into a strong medium-sized Russian bank, ranking 58th among the top 100 Russian banks in terms of assets and 62th in terms of equity. For more information, visit
www.rosevrovank.com
.
