Moscow, Russia, June 17, 2010—IFC, a
member of the World Bank Group, is providing a $50 million guarantee facility
to Promsvyazbank, a leader of trade financing in Russia, to expand access
to trade finance for Russian companies.
The facility, offered through the Global
Trade Finance Program, is IFC’s first investment in Promsvyazbank. The
investment will allow the bank to expand trade finance operations and provide
enhanced trade finance solutions for import and export clients.
“We are pleased to cooperate with IFC in
one of our strategic areas,” said Alexander Levkovskiy, President of Promsvyazbank.
“The IFC Global Trade Finance Program will expand our capacity to
finance our customers’ foreign trade transactions and increase our international
contacts through its global network of participating partner banks.”
Rashad Kaldany, IFC Vice President for Asia,
Eastern Europe, Middle East and North Africa, said, “Trade finance helps
expand trade ties between companies and countries. By working with
strong market players such as Promsvyazbank, we can reach more small and
midsize companies and contribute to economic development in Russia’s remote
IFC’s Global Trade Finance Program supports
trade in emerging markets worldwide by providing trade risk mitigation
and trade advisory services. The program extends the capacity of
banks to deliver trade finance services in challenging markets where interbank
facilities may be limited. Through the program, IFC helps developing countries
increase their share of global trade flows and promotes the movement of
goods and services between major emerging market economies such as Russia
and its neighbors.
Since the program was established in 2005,
IFC has provided more than $7.1 billion in guarantees, supporting over
5,500 trade transactions into and between emerging markets through a network
of more than 360 participating partner banks.
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 capital for private enterprise, and providing
advisory and risk mitigation services to businesses and governments. Our
new investments totaled $14.5 billion in fiscal 2009, helping channel capital
into developing countries during the financial crisis. For more information,
Promsvyazbank is one of Russia’s leading
privately owned banks, successfully operating since 1995. As of January
1, 2010, it ranked 10th by assets among Russian banks, according
to the Interfax information agency. PSB is also one of Russia’s largest
and most active players in trade finance. The bank was awarded the title
of “Best Bank in Trade Finance in Emerging Europe for 2008” by Euromoney
magazine. For more information, visit www.psbank.ru.