EBRD UPS LIMIT FOR UKREXIMBANK AS PART OF TRADE FACILITATION PROGRAM (TEF) FROM $50M TO $120M

Interfax Ukraine, Kyiv, Ukraine, Fri, May 28, 2010

EBRD UPS LIMIT FOR UKREXIMBANK AS PART OF TRADE FACILITATION PROGRAM (TEF) FROM $50M TO $120M 

Interfax Ukraine, Kyiv, Ukraine, Fri, May 28, 2010

KYIV - The European Bank for Reconstruction and Development (EBRD) has increased the limit for Kyiv-based Ukreximbank as a part of Trade Facilitation Program (TFP) by $50 million, to $120 million, reads an Ukreximbank report. From May 2007, Ukreximbank became a TFP participant. The bank carried out transactions worth $129 million.

Under the TFP, the EBRD opens a Letter of Credit to a foreign bank, and 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.

The EBRD said that in 2009 Ukraine was third with 95 transactions after Russia and Georgia among all countries where the EBRD operates.
EBRD is the largest financial investor in Ukraine. As of May 1, 2010 the bank issued letters of credit worth over EUR 5 billion under 197 projects.

NOTE:  Ukreximbank is a member of the U.S.-Ukraine Business Council (USUBC), Washington, D.C., www.usubc.org.