World Bank Group member, IFC, is providing Russia’s RosEvroBank with a US$20mn 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 programme as an issuing bank. IFC will provide the bank with up to 100% 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 programme.
“Trade finance is in great demand today. IFC’s trade finance programme will give us more opportunities to support international transactions of our customers,” says 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, adds: “We are glad to start our cooperation with RosEvroBank. By joining the IFC global trade finance programme, the bank will help Russian small and medium companies reach new markets and expand foreign trade in Russian regions.”
The IFC launched the global trade finance programme in 2005. The programme 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 programme allows issuing banks to increase the volume and value of trade transactions, with enhanced tenors and access to competitive pricing terms.
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