Moscow, November 5, 2008—IFC, a
member of the World Bank Group, will provide a $5 million trade finance
guarantee to Russia’s Uraltransbank, helping it facilitate import-export
transactions in the Urals region and access global financial markets.
Uraltransbank, a mid-size regional bank based in Ekaterinburg, has joined
IFC’s Global Trade Finance Program as an issuing bank. The program, launched
in 2005, supports trade with emerging markets worldwide. It aims to increase
developing countries’ share of global trade and promote South-South flows
of goods and services. Globally, the program has provided more than $3.1
billion worth of guarantees to 153 issuing banks in 63 countries.
Participation in the program allows Uraltransbank to access a global network
of banks, support trade operations with exporters worldwide, and provide
a higher level of service to its clients.
Mr. Valery Zavodov, President of Uraltransbank said: “For UTB, this deal
is a very important sign of recognition from a reputable international
partner. The guarantee facility will not only help us to increase volume
and expand our foreign trade finance activities, but will also introduce
us to new partners and facilitate our access to global financial market”
Snezana Stoiljkovic, IFC director for Central and Eastern Europe said:
“In today's world, when access to finance is one of the most crucial issues
for private sector development, we work with our long-term local partners—financial
institutions—to expand access to finance for private companies and facilitate
trade and business ties between emerging markets worldwide. We are happy
to announce that our trade finance program has now one more reliable partner,
Uraltransbank, to do so in Russia”.
This is IFC’s second project with the Uraltransbank, building on a partnership
that began in 2003.
Russia became a member and a shareholder of IFC in 1993. Since then,
IFC has invested more than $4 billion in the country in over 170 projects.
IFC’s investment in Russia currently stands at $2.7 billion, making
it the second largest country portfolio for IFC globally. IFC has invested
in key sectors, including banking, leasing, housing finance, infrastructure,
mining, agribusiness, pulp and paper, construction materials, oil and gas,
telecommunications, information technologies, retail, and health care.
For more information, visit www.ifc.org/europe.
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 $16.2
billion in fiscal 2008, a 34 percent increase over the previous year. For
more information, visit www.ifc.org.
OJSC Uraltransbank is a regional bank that renders complete package of
services to individuals, small and middle-size businesses and industrial
enterprises. The Bank grew out of Kaganovich branch of the State Bank of
the USSR, established in 1947. In 2007 OJSC Uraltransbank celebrated its
60th anniversary. The Bank operates under General License of the Central
Bank of Russia No 812 dd. 01-July-1997. Nowadays the Bank has a wide
branch network on the territory of Urals Federal Okrug and Permsky Kray.
The network includes 57 offices. For more information, visit www.utb.ru.