| IFC Helps JSC BPS-Bank Expand Access to Trade Finance in Belarus |
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06/11/2009 12:03 (15 Day 01:47 minutes ago) | |||||
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The FINANCIAL -- IFC, a member of the World Bank Group, is partnering with JSC BPS-Bank, one of the largest banks in Belarus, to expand access to trade finance for small and medium companies in Belarus.
IFC is providing the bank a $30 million guarantee through its Global Trade Finance Program. This will allow the bank to further expand its trade-finance operations and thus contribute to foreign trade development in Belarus.
“We are pleased to start our cooperation with IFC with this much-needed product,” said Galina Kukhorenko, general director of BPS-Bank. “IFC’s trade finance program will give us more opportunities to support international transactions of our customers globally and get access to the global network of partner banks participating in the program.”
Craig Bell, IFC representative in Belarus, said: “Trade finance is one of the most demanded products today as it helps restore trade ties between companies and countries. We see a significant potential for expansion of our Global Trade Finance Program in Belarus, in partnership with such well-established institutions as BPS-Bank. We believe it will open and expand foreign trade opportunities for BPS-Bank’s clients.”
IFC’s Global Trade Finance Program supports trade in emerging markets by providing partial or full guarantees for individual transactions, using payment risk guarantees to international banks that issue financing to local banks. The program helps banks boost their capacity for delivering trade finance in challenging markets where such financing may be limited. Since being launched in 2005, the program has issued more than $5.5 billion in guarantees worldwide through a network of more than 350 banks.
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