News and events

IFC, a member of the World Bank Group, is providing a $40 million trade finance guarantee to Joint Stock Company The State Export Import Bank of Ukraine (Ukreximbank).

The IFC financing will allow the bank to expand its foreign trade operations by increasing access to finance for private sector businesses in Ukraine.

Ukreximbank is a leading trade finance intermediary in Ukraine and the first domestically-owned bank in Ukraine to join the IFC Global Trade Finance Program (GTFP) as an issuing bank. The bank will have access to GTFP's global network of 170 issuing banks and over 170 confirming banks.

Mykola Udovychenko, Member of the Board – Deputy Chairman of the Board of Ukreximbank, has noted, “Foreign trade is one of the sectors of the Ukrainian economy most affected by the crisis. IFC’s trade finance program will help us support our customers’ international transactions, enable us to play a catalytic role in the local market, advance relationships with our key correspondent banks, and establish new partnership relations.”

Elena Voloshina, IFC Country Representative in Ukraine, said, “We are pleased to establish a relationship with Ukreximbank through the IFC Global Trade Finance Program. This transaction reflects our strategic focus in Ukraine and will help small and medium businesses reach new markets and expand foreign trade”.

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Note:
About IFC Global Trade Finance Program
The IFC Global Trade Finance Program, launched in 2005, supports trade with emerging markets worldwide and promotes the flow of goods and services to and from developing countries. IFC provides partial or full guarantees for individual trade transactions and covers the payment risk of 170 issuing banks in over 75 countries. The program extends and complements the capacity of banks to deliver trade finance by providing risk mitigation on a per-transaction basis in challenging markets where trade lines may be limited.

About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totalled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit www.ifc.org.

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Ms. Vera Posadska, Head of Macro Analysis and Investor Relations Department
E-mail: vposadska@hq.eximb.com
Tel: +38 044 247 38 76
Fax: +38 044 247 80 82