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IFC Expands Cooperation with Credit Bank of Moscow to Facilitate Foreign Trade for SMEs in Russia
Moscow, March 19, 2008—IFC,
a member of the World Bank Group, today announced that it will increase
the trade finance guarantee facility for the Credit Bank of Moscow, a private
bank offering universal banking services. The bank will use the guarantee
of up to $40 million to facilitate import-export transactions for its SME
clients.
The Credit Bank of Moscow was the first
issuing bank in Russia to join the IFC Global Trade Finance Program, which
supports trade with emerging markets worldwide by promoting flows of goods
and services to and from developing countries. IFC provides guarantee coverage
of bank risk in emerging markets, allowing recipients to expand their trade
finance transactions within an extensive network of countries and banks
and to enhance their trade finance coverage.
IFC issued its first guarantee under
the program in 2005. Since then, IFC has reached $2.03 billion in issued
guarantees, representing 1,566 transactions. Today, IFC provides risk coverage
for over 100 banks across 55 countries.
This is IFC’s third project with the
Credit Bank of Moscow, building on a partnership that began in 2004.
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth
in developing countries by financing private sector investment, mobilizing
private capital in local and international financial markets, and providing
advisory and risk mitigation services to businesses and governments. IFC’s
vision is that people should have the opportunity to escape poverty and
improve their lives. In FY07, IFC committed $8.2 billion and mobilized
an additional $3.9 billion through syndications and structured finance
for 299 investments in 69 developing countries. IFC also provided advisory
services in 97 countries. For more information, visit www.ifc.org.
Russia became a member and shareholder
of IFC in 1993. IFC’s investment portfolio in the country stands at $2
billion, making it the largest country exposure for IFC globally. IFC
has invested in key sectors including agribusiness, banking, construction
materials, health care, housing finance, information technologies, infrastructure,
leasing, mining, oil and gas, pulp and paper, retail, and telecommunications.
For more information, visit www.ifc.org/europe.
About Credit Bank of Moscow
Credit Bank of Moscow is a universal
privately owned commercial bank set up in 1992. Having started business
in Moscow and Moscow region, the bank is now expanding to other regions
of Russia. CBOM has a network of 55 branches in 12 Russian cities and intends
to have up to 75 branches by the end of the year. The bank reported total
assets of $1.7 bln and equity of $223 mln as of 2007YE. Credit Bank of
Moscow is rated B- (positive) by Fitch and B1 (Positive) by Moody’s
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