IFC INCREASED THE TRADE FINANCE FACILITY GRANTED TO CREDIT BANK OF MOSCOW
26.01.2010
International Finance Corporation (IFC), a member of the World Bank Group, increased the amount of the trade finance facility for CREDIT BANK OF MOSCOW under its Global Trade Finance Program (GTFP) by US$40mio. Thus, currently the overall limit of CBM’s trade finance line is US$100mio.
The Global Trade Finance Program was launched in September 2005. In February 2006 CBM was the first issuing bank in Russia that joined this program and received the uncommitted line for import-export transactions financing.
Large volumes of trade deals financed by the Bank as well as its extensive network of foreign counterparties and stainless reputation in the international market allowed CBM to confidently gain a foothold in the trade finance sector. Thus, in 2008 CBM was recognized as the most active issuing bank in Europe and Central Asia under IFC’s Global Trade Finance Program.
Notwithstanding the protracted world-wide financial crisis, in 2009 CBM demonstrated stable business activity in trade finance market throughout the whole year and facilitated 136 trade deals for the total amount of US$200mio.