Vneshtorgbank receives EBRD award
23 May 2005
23 May 2005, Belgrade, Serbia and Montenegro - at an annual General meeting of EBRD shareholders, Vneshtorgbank was awarded for its activities within EBRD Trade Facilitation Program.
Vneshtorgbank was recognized Most active Bank in financing exports under the TFP in 2004.
Vneshtorgbank is one the largest Russian banks which services more than 10% of Russia`s foreign trade turnover. The award is a further proof of Vneshtorgbank`s recognition on the international arena.
Vneshtorgbank has gained positive experience in cooperating with EBRD along various business lines, among which are Trade Facilitation and Agriculture Commodity Financing Programs.
Vneshtorgbank was the first Russian bank participating in the EBRD Trade Participation Program under which EBRD acts as a guarantor of VTB liabilities, including its letters of credit and guarantees, and extends credits for pre-export financing VTB customers for a period of up to 2 years.
Overall, participating in various EBRD programs Vneshtorgbank has extended guarantees and loans to Russian exporters and agricultural producers using funds raised from EBRD for the amount exceeding USD 400 million, USD 154.72 million of which were extended in 2004.
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