OREANDA-NEWS. January 24, 2012. BPS-Sberbank was the first among Belarusian banks to receive the status of IFC partner confirming bank, which will allow to introduce a new product in the banking market of the Republic of Belarus, aimed at support of Belarusian exporters, primarily in private sector, reported the press-centre of BPS-Sberbank.

Signing of this agreement will allow BPS-Sberbank to act under IFC guarantee as confirming bank under L/Cs and guarantees issued by foreign banks, participants of Global Trade Finance Program, in favour of Belarusian exporters, and thus, to cover sovereign and payment risks of its customers under export operations with counterparties including partners from Latin America, Africa, Middle East, Asia and Pacific Region.

As Vasili Matiushevski, Chairman of the Board of BPS-Sberbank, said, "Assuming top priority of export for the economy of the Republic of Belarus and continuous interest of our customers in high quality support and minimization of risks in export operations, BPS-Sberbank negotiated the possibility of participation in GTFP program as confirming bank in the shortest time possible. Cooperation with IFC in the area of trade finance allows to provide our customers with the most beneficial terms of financing of foreign trade operations in any corner of the world".

History of cooperation of BPS-Sberbank and IFC dates back to November 2009 when the framework agreement was signed which introduced BPS-Sberbank into GTFP program as issuing bank with the limit of USD 30 million. During two years of cooperation, BPS-Sberbank executed trade finance deals under IFC guarantee for the amount of more than USD 58 million.

From the launch of Global Trade Finance Program in 2005, IFC being part of the World Bank Group provided guarantees for over USD 14 billion. IFC offers full or partial guarantees under trade operations and covers risks of non-payment for more than 200 issuing banks in over 84 countries of the world, and its participating banks network comprises over 400 institutions.