The European Bank for Reconstruction and Development (EBRD) has recognized JSC VTB Bank as "The Most Active in Financing of Exports in 2008" for its participation in the EBRD Trade Facilitation Programme (TFP).
The award ceremony took place on 29 January 2009, in London, at the Conference "The Liquidity Crisis and its Impact on Trade Finance" held by the EBRD.
It's not the first time VTB has received similar awards. In 2004, the Bank was recognized as the most active Russian bank in foreign trade financing under the TFP. Later, in 2005, VTB received the award "The Most Active Issuing Bank in Financing Trade with Emerging Nations in Europe, Asia, Africa and the Middle East in 1999-2005", and then - "The Most Active Bank in Financing of Exports in 2006".
VTB Bank was the first Russian bank to join the Trade Facilitation Programme. Under the Programme, the EBRD provides guarantees under VTB financial instruments maturing within 5 years, and extends loans for pre-export and post-import finance for up to 2 years. Over its participation in the Programme, VTB has received from the EBRD loans approximating USD 700 million.
Through its country-wide branch network and its subsidiary banks in Europe and the CIS, VTB annually exercises more than 1,500 transactions in trade finance totaling over USD 2.5 billion.
The EBRD`s Trade Facilitation Programme aims to promote foreign trade with central and eastern European countries and the CIS. Through the programme, the EBRD provides guarantees to international confirming banks. In so doing, it takes the political and commercial payment risk of transactions undertaken by issuing banks in the countries, where the EBRD operates. Participation in the programme is of great importance for the banks actively involved in trade finance.