Moscow, Russia, July 2, 2010—IFC,
a member of the World Bank Group, is providing a €20 million guarantee
facility to its long-term partner, ZAO Raiffeisenbank, to help expand access
to trade finance for Russian companies.
The facility, offered through the Global Trade Finance Program, will allow
the bank to expand trade finance operations and provide enhanced trade
finance solutions for its clients.
"Joining IFC’s Global Trade Finance Program is a new step in our
historically close and productive business relations with IFC," said
Pavel Gurin, Chairman of the Management Board of ZAO Raiffeisenbank. "The
program will broaden our ability to meet requirements of our clients."
Snezana Stoiljkovic, IFC Director for Central and Eastern Europe, said,
“We are expanding our trade finance program in Russia very actively. Today,
our long-term partner, ZAO Raiffeisenbank, joined the global network. This
will allow us to reach more companies and support more trade transactions
IFC’s Global Trade Finance Program supports trade in emerging markets
worldwide by providing trade risk mitigation and trade advisory services.
The program extends the capacity of banks to deliver trade finance services
in challenging markets where interbank facilities may be limited. Through
the program, IFC helps developing countries increase their share of global
trade flows and promotes the movement of goods and services between major
emerging market economies such as Russia and its neighbors.
Since the program was established in 2005, IFC has provided more than $7.1
billion in guarantees, supporting over 5,500 trade transactions into and
between emerging markets through a network of more than 360 participating
IFC started cooperation with ZAO Raiffeisenbank in 2003 and has, since
then, provided the bank with $160 million of debt financing.
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 capital for private enterprise, and providing advisory and risk
mitigation services to businesses and governments. Our new investments
totaled $14.5 billion in fiscal 2009, helping channel capital into developing
countries during the financial crisis. For more information, visit www.ifc.org.
About ZAO Raiffeisenbank
ZAO Raiffeisenbank is a subsidiary of
Raiffeisen International Bank-Holding AG. The bank ranks ninth in terms
of assets among Russian banks based on the first quarter results of 2010,
according to Interfax-CEA.
Raiffeisen International operates one of the largest banking networks in
Central and Eastern Europe, covering 17 markets across the region through
subsidiary banks, leasing companies, and a range of other financial service
providers. The group's nearly 56,000 employees serve around 15 million
customers from more than 3,000 business outlets. For more information,