The EBRD’s trade facilitation programme (TFP) has signed up two additional banks at its annual meeting in London in May.
Ukrsibbank, a subsidiary of BNP Paribas in Ukraine, has signed an issuing bank agreement and revolving credit agreement worth US$10mn. This will allow the bank to utilise TFP through guarantees in the documentary business, as well as through direct funding in form of cash disbursements for pre-export and post-import activities of the local borrowers of the bank.
Raffeisenbank Moscow has signed a restatement agreement worth US$20mn allowing for the streamlining of the utilisation of the existing lines after the merger of Raiffeisenbank with Russia’s Impexbank.
The EBRD’s trade facilitation programme promotes foreign trade with Eastern Europe and the CIS region. Through the programme the bank provides guarantees to international confirming banks. The programme can guarantee any genuine trade transaction associated with exports from, or imports to, the EBRD's countries of operations.
A total of 118 issuing banks in the region participate in the programme, together with around 750 confirming banks globally.
At the beginning of the year, the limit of the programme was increased from €800mn to €1.5bn as a crisis response measure.
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