Minsk, Belarus, July 30, 2012—IFC,
a member of the World Bank Group, and Belgazprombank have partnered to
expand trade finance support for private companies in Belarus exporting
goods and services.
Under this new agreement, Belgazprombank
will expand its participation in IFC’s Global Trade Finance Program and
become a confirming bank. Belgazprombank first joined the program as an
issuing bank in 2009.
Belgazprombank will share risk with
IFC in financing transactions for importers of Belarusian goods and services
in the countries of the Common Free Market Zone, the Commonwealth of Independent
States, Central and Eastern Europe, the Baltic states, and other key trading
partners of Belarus.
Since its inception in 2005, the Global
Trade Finance Program has issued more than 12,000 guarantees totaling $19
billion to banks for trade-related payment obligations of their financial-institution
clients in emerging markets. In fiscal 2012, IFC provided $2.9 billion
to support trade in the world’s poorest countries, and 79 percent of all
guarantees went to small and medium enterprises. The program includes more
than 250 partner issuing banks in more than 90 emerging market countries.
Belarus joined IFC in 1992. IFC has
been actively involved in advisory services in the country since 1993,
starting with the privatization of small businesses. IFC focuses on improving
the country’s business environment and investment climate. From 2004 through
June 2012, IFC committed over $300 million in a number of projects in Belarus.
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, mobilizing capital in international financial
markets, and providing advisory services to businesses and governments.
In FY12, our investments reached an all-time high of more than $20 billion,
leveraging the power of the private sector to create jobs, spark innovation,
and tackle the world’s most pressing development challenges. For more
information, visit www.ifc.org.
For more information about Belgazprombank,
please visit www.belgazprombank.by