IFC Trade Finance Program Expands to Ukraine, Improving Access to Finance for Corporate Clients and Smaller Enterprises
Kyiv, Ukraine, May 2008 — IFC, a member of the World Bank Group, has announced that Raiffeisen Bank Aval is the first issuing bank in Ukraine to join the IFC Global Trade Finance Program. IFC’s $30 million trade finance line to the bank will support corporate clients and small and medium enterprises in the country.
The IFC Global Trade Finance Program supports entrepreneurs in countries where trade is restricted. It offers banks guarantees that enable them to issue trade finance to businesses.
Volodymyr Lavrenchuk, CEO of Raiffeisen Bank Aval, said, “Signing this agreement shows that despite the crisis in international markets, Raiffeisen Bank Aval remains a reliable partner, demonstrating dynamic growth and high performance. Our continuing cooperation with IFC will add value for the clients we are targeting.”
Georgina Baker, IFC Director for Global Financial Markets, said, “We are delighted to welcome Raiffeisen Bank to the Global Trade Finance Program. Through the participating banks, we are able to reach underserved markets and entrepreneurs that have limited access to finance.”
Elena Voloshina, Head of IFC Operations in Ukraine, said, “IFC’s partnership with Raiffeisen Bank began in 2004, and we continue to find new and innovative ways to work together.”
In 2007 the IFC Global Trade Finance Program doubled the volume of guarantees issued and the number of participating banks and countries covered. Launched in 2005, the program recently reached a milestone of $2 billion worth of guarantees issued, representing 2,500 individual trades. Today, over 200 banks can work with one another to facilitate trade flows between challenging markets. The program continues to benefit entrepreneurs, with 50 percent of the guarantees issued supporting trade in the poorest countries.
IFC also provides advisory services and training that helps banks build capacity and improve trade operations. The program has reached more than 170 banks through training courses in Cameroon, Ethiopia, Ghana, Kenya, Liberia, Mexico, Nicaragua, Rwanda, Senegal, Sierra Leone, South Africa, and Trinidad and Tobago.
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