IFC, Ukreximbank Partner to Expand Access to Trade Finance in Ukraine
In Kyiv:
Larissa Shidlovskaya
Phone: +380 44 490 6400
E-mail: LShidlovskaya@ifc.org
In Washington, D.C.:
Lotte Pang
Phone: (202) 758 4290
E-mail: LPang@ifc.org
Kyiv, Ukraine, July 22, 2009—IFC,
a member of the World Bank Group, is providing a $40 million trade finance
guarantee to JSC State Export-Import Bank of Ukraine (Ukreximbank) that
will allow the bank to expand its foreign trade operations and increase
access to finance for private sector businesses in Ukraine.
Ukreximbank is a leading trade finance
intermediary in Ukraine and the first domestically owned bank in Ukraine
to join the IFC Global Trade Finance Program as an issuing bank. The bank
will have access to the program’s global network of 170 issuing
banks and more than 170 confirming banks.
“Foreign trade is one of the sectors
of the Ukrainian economy most affected by the global financial crisis,”
said Ukreximbank Deputy Chairman Mykola Udovychenko. “IFC’s trade finance
program will help us support our customers’ international transactions,
enable us to play a catalytic role in the local market, maintain key relationships
with our correspondent banks, and establish new relationships.”
Elena Voloshina, IFC Country Representative
in Ukraine, said, “We are pleased to establish a relationship with Ukreximbank
through the Global Trade Finance Program. This transaction reflects our
strategic focus in Ukraine and will help small and medium businesses reach
new markets and expand foreign trade.”
Launched in 2005, the Global Trade Finance
Program 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 170 issuing banks in more than 75 countries. The program
extends and complements the capacity of banks to deliver trade finance
by providing risk mitigation on a per-transaction basis in challenging
markets where trade finance facilities may be limited. In May 2008, IFC
provided a $30 million trade finance line to Ukraine’s Raiffeisen Bank
Aval under the program to support its corporate clients and small
and medium enterprises in the country.
About IFC
IFC, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totalled $16.2 billion in fiscal 2008, a 34 percent increase over the previous
year. For more information, visit www.ifc.org.
About Ukreximbank
JSC State Export-Import
Bank of Ukraine is a full-service lending and financial institution
100 percent owned by the state. Ukreximbank
serves both public and private sector clients, including subsidiaries of
multinational lenders in Ukraine, and 38,000 locally owned SMEs. It also
has a well-developed branch network that serves all major regions and industrial
centers of Ukraine. Since
its foundation, Ukreximbank has been part of a wide correspondent network
that includes more than 850 banking institutions worldwide. For more information,
visit www.eximb.com.
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