Moscow, Russia, March 28, 2012—IFC,
a member of the World Bank Group, and Credit Europe Bank (CEB) have signed
an agreement that will help smaller businesses in Russia connect with international
customers and suppliers, spurring trade and economic growth.
IFC is providing the bank with a $10
million guarantee through its Global Trade Finance Program, which helps
expand private sector access to global import and export markets.
“We very much welcome cooperation with
IFC,” said Haluk Aydinoglu, President of CEB. “The IFC Global Trade Finance
Program will expand our capacity to finance the foreign trade transactions
of our customers and connect us to the global network of participating
Scott Stevenson, Senior Manager of IFC’s
Global Trade Finance Program, said, “Trade helps expand economic ties
between Russian firms and their foreign partners, supporting economic growth
and job creation. We see significant potential to further expand of our
program in Russia in partnership with Credit Europe Bank.”
IFC’s trade finance program in Russia
has provided $397 million in guarantees covering 164 transactions during
the last year. Since its inception in 2005, IFC’s award-winning Global
Trade Finance Program has issued more than 11,000 guarantees, totaling
$15.8 billion, in emerging markets. In the 2011 fiscal year, 53 percent
of trade financing guarantees went to support trade in the world’s poorest
countries, and 79 percent went to small and medium enterprises. The program
includes more than 200 partner banks in over 90 emerging-market countries.
The initiative is part of IFC’s efforts
in Russia to support private sector development and encourage economic
growth. The country became a member and shareholder of IFC in 1993. Since
then, IFC has invested almost $6 billion in Russia, including $1.5 billion
in syndicated loans, and is involved in 250 projects across a variety of
sectors. IFC’s investment portfolio in Russia stands at $2.54 billion,
the third-largest country exposure for IFC globally.
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, providing advisory services to businesses and
governments, and mobilizing capital in the international financial markets.
In fiscal 2011, amid economic uncertainty across the globe, we helped our
clients create jobs, strengthen environmental performance, and contribute
to their local communities—all while driving our investments to an all-time
high of nearly $19 billion. For more information, visit www.ifc.org
About Credit Europe Bank
Credit Europe Bank (CEB) is part of
FIBA Group, a financial conglomerate which operates in 12 countries. CEB
is a subsidiary of Credit Europe Bank NV, Amsterdam, the 10th
largest bank in the Netherlands, and is supervised both by the Dutch Central
Bank and the Central Bank of Russia. CEB was established in 1997 and today
ranks as 49th largest Russian bank in terms of assets size.
The bank has more than 4,500 employees working in over 120 branches in
Moscow and Russia’s biggest regions.