OREANDA-NEWS. June 13, 2013. International Finance Corporation (IFC), a member of the World Bank group, has increased its trade finance guarantee facility for BPS-Sberbank up to USD 50 million.

Increase of the credit line will allow BPS-Sberbank to extend the support of its customers’ international business including wider promotion of documentary instruments in cross-border settlements and obtain financing from international markets on favourable terms and conditions.

BPS-Sberbank has been cooperating with IFC since November 2009 under IFC’s Global Trade Finance Program (GTFP). Then the agreement was signed with the trade financing guarantee facility at USD 30 million. In December 2011, BPS-Sberbank became the first confirming bank in Belarus under the GTFP program.

Since the beginning of the mutual cooperation, BPS-Sberbank has made trade finance deals under IFC guarantee for the amount of more than USD 85 million.

IFC’s USD5 billion Global Trade Finance Program supports banks in emerging markets as they channel credit towards trade-related transactions of their clients. Established in 2005, the Global Trade Finance Program includes more than 260 partner banks in more than 90 emerging-market countries.