USDA approved Credit Bank of Moscow under GSM-102 Program for financial year 2005 with the limit amounting to USD 11.0 million
The United States Department of Agriculture approved the GSM-102 Program limit for Credit Bank of Moscow (CBM) for financial year 2005. The limit amounts to USD 11.0 million (previously USD 7,7 million).
The Export Credit Guarantee Program GSM-102 underwrite credit extended by the private banking sector in the United States (or by US exporters) to approved foreign banks using dollar-denominated, irrevocable letters of credit to pay for food and agricultural products sold to foreign buyers.
CBM is one of 15 banks in Russia who is approved by USDA for GSM-102 Program. The increasing of the GSM-102 limit enables CBM to offer its customers preferential conditions in financing their cross-border trade deals related to US agricultural export.