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EBRD awards Vneshtorgbank

23 May 2005

On May 23, 2005, within the framework of its annual shareholders meeting held in Belgrade, Serbia and Montenegro, the European Bank for Reconstruction and Development (EBRD) presented Vneshtorgbank with an award for its activities in Trade Facilitation Program.

Vneshtorgbank was recognized as a Most active Bank in financing exports under the TFP in 2004.

Vneshtorgbank is a largest Russian bank servicing more than 10% of Russia`s foreign trade turnover. The award received is another proof of Vneshtorgbank`s international recognition.

Vneshtorgbank is proud of its mutually reinforcing cooperation with the EBRD in different directions, including Trade Facilitation Program and Agriculture Support PRogram.

Vneshtorgbank was the first Russian bank who participated in the EBRD`s Trade Facilitation Program under which the EBRD guaranties Vneshtorgbank`s liabilities, including L/Cs and guarantees, and extends credits for pre-export financing of Vneshtorgbank`s customers for a two-year period.

Over the whole period of its involvement in the EBRD`s Programs, Vneshtorgbank extended guarantees and credits to Russian exporters and agricultural producers for the sum exceeding USD 400 million out of funds raised from the ABRD.  In 2004 only, the sum accounted for USD 154.72 million.

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