Vneshtorgbank receives EBRD award
29 December 2005
Vneshtorgbank has received an award by the European Bank for Reconstruction and Development (EBRD) for the participation in its Trade Facilitation Program as "The Most Active Bank in Financing Trade with the EAAME region in 1999-2005".
Together with Vneshtorgbank such awards were also granted to the leading European banks, such as Deutsche Bank, Commerzbank, ING Bank and Fortis Bank.
It is not the first award given to VTB by EBRD in 2005. This spring, Vneshtorgbank was recognized as the most active Russian bank in financing foreign trade under the Program in 2004.
Vneshtorgbank is the first Russian bank participating in the Trade Facilitation Program, under which EBRD is a guarantor of the leading Russian bank`s liabilities, such as letters of credit and guarantees, for a five year period, and also extends credits for pre-export financing of its customers for up to two years.
Every year, Vneshtorgbank uses more than USD 120 mln from EBRD funds to support Russian export and import of goods and equipment through providing loans to Russian companies.
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