Kiev, Ukraine, May 27, 2011—IFC,
a member of the World Bank Group, signed an agreement today to provide
a $10 million trade facility to Ukraine’s leading commercial bank, Bank
Forum, to help it grow its trade finance operations and expand access to
finance for exporters which drive economic growth and job creation.
IFC’s Global Trade Finance Program
promotes trade with emerging markets worldwide by supporting flows of goods
and services to and from developing countries. The global economic crisis
and reduced trade financing had posed a particular economic risk to low-
and middle-income countries. IFC, working with its partners, has increased
its trade financing efforts over the past three years.
“We are aiming to grow our trade finance
business in Ukraine and today’s agreement with IFC will be instrumental
in helping us to do so,” said Vadym Berezovyk, chairman of Bank Forum.
Bank Forum is the fourth Ukrainian bank
to join IFC’s trade finance program. Since the program’s 2008 launch
in Ukraine IFC has issued about $150 million in guarantees supporting export
and import transactions in the country.
“Our partnership with Bank Forum is
a good strategic fit for us and also a logical step in our continued efforts
to support Ukraine’s post-crisis recovery,” said Rufat Alimardanov, IFC’s
country manager for Ukraine and Belarus. “IFC’s cooperation enables more
local companies to reach new markets and further expand foreign trade,
which is key for Ukraine’s export-led economy.”
Overall, IFC’s Global Trade Finance
Program has issued more than $10 billion in guarantees since the program’s
start in 2005. The program extends and complements the capacity of banks
to deliver trade finance for importers and exporters on a per-transaction
basis in challenging markets where trade lines may be limited. Through
the program, IFC provides coverage for over 200 issuing banks in more than
84 emerging markets, and has a network of more than 400 participating banks
around the world.
IFC, a member of the World Bank Group,
is the largest global development institution focused on the private sector
in developing countries. We create opportunity for people to escape poverty
and improve their lives. We do so by providing financing to help businesses
employ more people and supply essential services, by mobilizing capital
from others, and by delivering advisory services to ensure sustainable
development. In a time of global economic uncertainty, our new investments
climbed to a record $18 billion in fiscal 2010. For more information, visit
To learn more about Bank Forum, visit