OREANDA-NEWS. November 29, 2010. IFC, a member of the World Bank Group, is doubling the limit of its guarantee facility under the Global Trade Finance Program (GTFP), to USD 80 million, to JSC State Export-Import Bank of Ukraine (Ukreximbank). The increased guarantee will help the bank expand access to finance for Ukrainian exporters and importers and thus facilitate post-crisis recovery, reported the press-centre of Ukreximbank.

Ukreximbank is a top trade finance intermediary in Ukraine. It was the first domestically owned bank in the country to join the IFC Global Trade Finance Program as an issuing bank in July 2009. The initial volume was USD 40 million.

“IFC’s trade guarantee has helped us support Ukrainian exporters during the times of uncertainty following the global financial crisis,” said Olena Kozoriz, Head of Financial Institutions and Trade Finance of JSC Ukreximbank. “As the economy picks up, demand from the market is growing steadily. We are looking forward to an increase of the program to help us open new opportunities for our clients.”

Elena Voloshina, IFC Country Representative in Ukraine, said “The GTFP facility has helped Ukreximbank to scale up its trade finance business and enhanced its ability to provide efficient trade solutions for clients. Our cooperation will allow small and medium-sized businesses to reach new markets and further expand foreign trade, key to Ukraine’s sustainable development.”