International Finance Corporation (IFC), an investment arm of the World Bank, provided Roseurobank with a $20 mln credit facility as part of the program for securing trade finance operations. As the lending institution’s press service pointed out, the credit is designed to expand the lender’s program for funding foreign trade transactions executed by SMEs.
Roseurobank joined IFC’s trade finance program as an issuing bank. IFC will provide the lending institution with guarantees for up to 100% of import and export operations to be implemented by its clients. The bank will gain access to the global network comprising over 300 participating banks.
IFC’s global trade finance program was launched in 2005 and is designed to promote trade with developing countries in the international scale, contribute to flows of goods and services to and from developing countries. IFC provides partial or full guarantees under individual trade transactions and covers payment risks of more than 150 banks in more than 75 countries of the world. The program enables issuing banks to bump up the scope of trade finance operations, extend repayment deadlines and gain access to competitive price terms.
According to the data from news agency Banki.ru and Interfax-CEA, as of January 1, 2009 net assets held by Settlement United Union European Bank were equal to Rub 56.17 bln (59th place in Russia). The lending institution is a member of the national deposit insurance system.
