Minsk, Belarus, November 5, 2009—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.
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 totaled $14.5
billion in fiscal 2009, helping channel capital into developing countries
during the financial crisis. For more information, visit www.ifc.org.
JSC “BPS-Bank” was founded in 1923 and remains one of the oldest and
largest banks in the Republic of Belarus. The bank provides its customers
with a full range of credit services. One of the priority directions in
the activity of JSC “BPS-Bank” is financing of investment projects of
enterprises of various forms of ownership. The bank is one of the leading
banks in the trade finance market of the Republic of Belarus. For more
information, visit www.bpsb.by.