OREANDA-NEWS. November 09, 2010. IFC, a member of the World Bank Group, has doubled the limit of trade finance guarantee line under its Global Trade Finance Program (GTFP) for Belgazprombank increasing it from USD 30 to USD 60 million. This increase will allow the bank to further expand finance of foreign trade transactions of Belarusian companies, reported the press-centre of Belgazprombank.

In July, 2009 Belgazprombank has joined IFC’s Global Trade Finance Program as an issuing bank, becoming a member of a global network of banks supporting trade finance operations. The initial GTFP guarantee was set at USD 10 million allowing the Bank to support export and import transactions of its customers with the tenor of up to 1 year. In December 2009 the limit for the facility was increased to USD 30 million and the maximum tenor – up to 2 years.

The IFC Global Trade Finance Program supports trade in emerging markets worldwide by providing trade risk mitigation and trade advisory services. The program extends and complements the capacity of banks to deliver trade finance services in challenging markets where interbank facilities may be limited.

Through the program, IFC helps developing countries increase their share of global trade flows and promotes the movement of goods and services between major emerging market economies such as Russia and its neighbors. Since the program was established in 2005, IFC has provided more than USD 9 billion in guarantees, supporting trade transactions into and between emerging markets through a network of more than 360 participating partner banks.