The IFC is providing a US$40mn trade finance guarantee to The State Export Import Bank of Ukraine (Ukreximbank).
According to an official release from the Ukraine bank, the financing will allow it to expand its foreign trade operations by increasing access to finance for private sector businesses in Ukraine.
Ukreximbank is the first domestically-owned bank in Ukraine to join the IFC’s global trade finance programme as an issuing bank, and through the scheme the bank will have access to the IFC’s network of 170 issuing banks and 170 confirming trade finance banks.
Commenting on the move, Mykola Udovychencko, member of the board and deputy chairman of Ukreximbank’s board, comments: “Foreign trade is one of the sectors of the Ukrainian economy most affected by the crisis.
“IFC’s trade finance programme will help us support our customers’ international transactions, enable us to play a catalytic role in the local market, advance relationships with our key correspondent banks, and establish new partnership relations.”
Last Updated July 23, 2009
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