Sarajevo, Bosnia and Herzegovina,
September 11, 2013—IFC, a member of the World Bank Group, has extended
trade credit to Sberbank to channel additional financing to the bank’s
clients working in import and export in Bosnia and Herzegovina.
With the $20 million credit line,
Sberbank will increase its product offerings and financial support for
corporate customers in Bosnia and Herzegovina engaged in international
trade, helping those firms reach new markets, expand operations, and create
“IFC is an important partner
for Sberbank in Bosnia and Herzegovina,” said Edin Karabeg, CEO of Sberbank
Bosnia and Herzegovina. “This credit line will significantly improve our
capacity to support trade activities of our existing and future customers.”
Sberbank is the second bank in
Bosnia and Herzegovina to join the IFC Global Trade Finance Program (GTFP),
and joins BPS Sberbank Belarus and Sberbank Kazakhstan in the IFC trade
program. The GTFP promotes trade in emerging markets by providing partial
or full guarantees for individual trade transactions backed by IFC’s triple-A
Tomasz Telma, IFC Director for
Europe and Central Asia, said: “IFC is dedicated to supporting private
sector development in Bosnia and Herzegovina and partnering with Sberbank
is an important part of that strategy. By joining the GTFP network, Sberbank
will reduce transaction costs and improve access to finance for its customers.”
Since IFC launched the GTFP in
2005 it has issued more than 15,000 guarantees, totaling more than $25
billion, for banks to support the trade-related payment obligations of
their corporate and SME customers in emerging markets. In fiscal year 2013,
the GTFP in the Europe and Central Asia region reached a record $1 billion
in program activity.
Globally, the GTFP provided more
than $3 billion to support trade in the world’s poorest countries, with
80 percent of all program guarantees provided on behalf of small and medium
importers and exporters. IFC’s global GTFP network of partner banks includes
more than 500 financial institutions.
Bosnia and Herzegovina became
a shareholder and member of IFC in 1996. Since then IFC has invested $376
million in the local economy, with particular focus on manufacturing and
financial markets. IFC has also invested in the country’s health sector,
municipal infrastructure, agribusiness, and construction.
IFC offers advisory services
that aim to improve the investment climate in Bosnia and Herzegovina, encourage
the use of renewable energy, expand access to finance, and attract private
sector participation in the development of infrastructure projects.
IFC, a member of the World Bank
Group, is the largest global development institution focused exclusively
on the private sector. Working with private enterprises in more than 100
countries, we use our capital, expertise, and influence to help eliminate
extreme poverty and promote shared prosperity. In FY13, our investments
climbed to an all-time high of nearly $25 billion, leveraging the power
of the private sector to create jobs and tackle the world’s most pressing
development challenges. For more information, visit www.ifc.org.
Stay Connected with IFC
For information about Sberbank
Bosnia and Herzegovina, visit http://www.sberbank.ba/.