Moscow, March 19, 2008—IFC, a member
of the World Bank Group, today announced that it will increase the trade
finance guarantee facility for the Credit Bank of Moscow, a private bank
offering universal banking services. The bank will use the guarantee of
up to $40 million to facilitate import-export transactions for its SME
The Credit Bank of Moscow was the first issuing bank in Russia to join
the IFC Global Trade Finance Program, which supports trade with emerging
markets worldwide by promoting flows of goods and services to and from
developing countries. IFC provides guarantee coverage of bank risk in emerging
markets, allowing recipients to expand their trade finance transactions
within an extensive network of countries and banks and to enhance their
trade finance coverage.
IFC issued its first guarantee under the program in 2005. Since then, IFC
has reached $2.03 billion in issued guarantees, representing 1,566 transactions.
Today, IFC provides risk coverage for over 100 banks across 55 countries.
This is IFC’s third project with the Credit Bank of Moscow, building on
a partnership that began in 2004.
IFC, a member of the World Bank Group, fosters sustainable economic growth
in developing countries by financing private sector investment, mobilizing
private capital in local and international financial markets, and providing
advisory and risk mitigation services to businesses and governments. IFC’s
vision is that people should have the opportunity to escape poverty and
improve their lives. In FY07, IFC committed $8.2 billion and mobilized
an additional $3.9 billion through syndications and structured finance
for 299 investments in 69 developing countries. IFC also provided advisory
services in 97 countries. For more information, visit www.ifc.org.
Russia became a member and shareholder of IFC in 1993. IFC’s investment
portfolio in the country stands at $2 billion, making it the largest country
exposure for IFC globally. IFC has invested in key sectors including
agribusiness, banking, construction materials, health care, housing finance,
information technologies, infrastructure, leasing, mining, oil and gas,
pulp and paper, retail, and telecommunications. For more information, visit
About Credit Bank of Moscow
Credit Bank of Moscow is a universal privately owned commercial bank set
up in 1992. Having started business in Moscow and Moscow region, the bank
is now expanding to other regions of Russia. CBOM has a network of 55 branches
in 12 Russian cities and intends to have up to 75 branches by the end of
the year. The bank reported total assets of $1.7 bln and equity of $223
mln as of 2007YE. Credit Bank of Moscow is rated B- (positive) by Fitch
and B1 (Positive) by Moody’s.