Vneshtorgbank has received an award of the European Bank for Reconstruction and Development (EBRD) for its participation in the Trade Facilitation Program as "The Most Active Bank-Issuer in arranging trade finance for developing economies of Europe, Asia, Africa and in the Middle East in the years 1999 to 2005".
Alongside Vneshtorgbank, similar awards are given to such leading European banks as Deutsche Bank, Commerzbank, ING Bank and Fortis Bank.
This is not the first EBRD award received by Vneshtorgbank. This spring the Bank was recognized the most active Russian bank in financing foreign trade under the Program for the year 2004.
Vneshtorgbank was the first Russian bank to participate in the Trade Facilitation Program, under which the EBRD guarantees obligations of the leading Russian bank (its L/Cs and guarantees) for a 5-year period, and also extends loans for pre-export financing of its customers for 2 years.
To support export of goods from the Russian Federation, as well as import of goods and equipment to the Russian Federation, Vneshtorgbank annually uses more than USD 120 million of the EBRD facilities extending loans to Russian companies.