EBRD INCREASED CBM’S TRADE FINANCE LINE UP TO US$100mio
On 4 August 2011 European Bank for Reconstruction and Development (EBRD) increased CBM’s trade finance line by US$33mio – from US$67mio to US$100mio under its Trade Facilitation Program (TFP). Before the increase took place the line had been fully utilized by CBM as a result of rapid growth of trade operations portfolio. From the beginning of 2011 CREDIT BANK OF MOSCOW has financed around 250 trade finance operations for the amount exceeding $516mio.
Cooperation between CBM and EBRD under its Trade Facilitation Program began in 2005. During six years of close and fruitful collaboration CBM’s line for export-import operations financing has been gradually increased from the original US$15mio to US$100mio. Thanks to participation in TFP the Bank managed to extend the range of partners as well as its geographical reach through the banks participating in this program.
The consequent boosting of CBM’s trade finance line reflects the EBRD’s positive perception of the Bank’s performance as well as the Bank’s opportunity to strengthen its competitive positions in the international markets.
CBM has been repeatedly awarded by EBRD for its achievements in supporting trade operations of its customers: in 2008 CBM was recognized by EBRD as the "Most Active Factoring Bank in Russia in 2008″ (the US$20mio credit line opened for CBM was the first EBRD’s credit line for the purpose of factoring development in Russia) and in 2010 CBM became the "Most Active Issuing Bank in Russia in short-term trade finance" under the EBRD’s TFP.