21 may 2007Ukreximbank signs TFP agreements with the EBRDSunday, 20 May 2007 – During the 2007 EBRD Annual Meeting in Kazan, Republic of Tatarstan, Russian Federation, Joint Stock Company the State Export-Import Bank of Ukraine (the JSC Ukreximbank) and The European Bank for Reconstruction and Development (the EBRD) signed sets of documents on the JSC Ukreximbank participation in the EBRD Trade Facilitation Programme (TFP):
- Revolving Credit Agreement (RCA), upon which the EBRD makes available to the JSC Ukreximbank a revolving loan facility for further financing of export-import transactions of its customers. Financing of up to 3 years may be channeled to pre-export, post-import and re-financing of factoring.
- Trade Finance Guarantee Facility, upon which the JSC Ukreximbank acts as an issuing bank of trade finance instruments against guarantees by the EBRD.
- Letter of Agreement with the JSC Ukreximbank as Confirming Bank, upon which the JSC Ukreximbank participates in the TFP by confirming trade finance instruments, issued by selected third banks, against guarantees by the EBRD.
The mere fact that the EBRD guarantees cover transactions in the countries with high risk is one of the major benefits of the EBRD trade finance instruments.
According to Kurt Geiger, EBRD Financial Institutions Team Director, “Ukreximbank´s decision to join the TFP also as Confirming Bank is a further milestone in the development of the programme. Ukreximbank is a leading trade financier in the country…”
Cooperation with The European Bank for Reconstruction and Development is also an important keystone to further enlargement of relations of good partnership established by the JSC Ukreximbank with financial institutions globally.
Reference: The EBRD’s Trade Facilitation Programme promotes foreign trade with Eastern Europe and the CIS region. Through the programme, the EBRD provides guarantees to international confirming banks. The programme can guarantee any genuine trade transaction associated with exports from, or imports to, the EBRD’s countries of operations. More than 100 issuing banks in the region participate in the programme together with around 630 confirming banks globally. More information available on http://www.ebrd.com/
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