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IFC INCREASED THE LIMIT OF THE TRADE FINANCE FACILITY FOR CREDIT BANK OF MOSCOW

19.10.2010

IFC (International Financial Corporation), a member of the World Bank Group, increased facility limit for CREDIT BANK OF MOSCOW under IFC Global Trade Finance Program (GTFP) by US$40mln. Thus the overall limit of CBM’s GTFP facility is US$140mln.

The IFC Global Trade Finance Program supports trade in emerging markets worldwide by providing trade risk mitigation and trade advisory services. The program extends and complements 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 $9 billion in guarantees, supporting trade transactions into and between emerging markets through a network of more than 360 participating partner banks.

In February 2006, CBM was the first bank in Russia to join this program as Issuing Bank and to receive a guarantee line from IFC to support export-import transactions for its clients.

Large volumes of trade finance deals facilitated by the Bank as well as its extensive network of foreign counterparts and stainless reputation in the international market allowed CBM to confidently gain a foothold in the trade finance sector. CBM was repeatedly recognized by IFC as the most active Issuing Bank in Europe and Central Asia under IFC’s Global Trade Finance Program.

Since the start of 2010 CBM has facilitated almost 190 trade deals for the total amount of more than US$320mln supported by international financial institutions, export credit agencies and foreign banks within clean credit lines.