IFC supports Ukrainian business

The International Finance Corporation (IFC) has provided a US$30mn trade finance line to support the corporate clients and small and medium sized enterprises (SMEs) of Raiffeisen Bank Aval, the first Ukrainian issuing bank to affiliate with the IFC global trade finance programme.

In joining the programme, Raiffeisen Bank Aval extends a working partnership with the IFC that began in 2004 and will now enjoy the benefit of guarantees that will allow it to proceed with the issuance of trade finance business to a previously under-served constituency of entrepreneurs.

"Signing this agreement shows that despite the crisis in international markets, Raiffeisen Bank Aval remains a reliable partner, demonstrating dynamic growth and high performance. Our continuing cooperation with IFC will add value for the clients we are targeting, " comments Volodymyr Lavrenchuk, CEO of Raiffeisen Bank Aval.

The latest agreement is a further indication of the recent focus of the IFC's global trade finance programme, initiated in 2005, to expand the volume of issued guarantees and participating banks.