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Belgazprombank awarded GTFP confirming bank status

MINSK, 1 August (BelTA) - Belgazprombank has joined the Global Trade Finance Program (GTFP) of the International Finance Corporation (IFC) in the capacity of a confirming bank, BelTA learnt from the press service of the bank.

Belgazprombank first joined the program as an issuing bank in 2009. For the past three years the bank has provided $75 million to support foreign trade projects of its clients. In 2011 the IFC named Belgazprombank the Most Active GTFP Issuing Bank in Europe and Central Asia for Energy Efficiency.

“The new status will make it possible for Belgazprombank to offer its services to other GTFP banks. The services will include acceptance, discounting and post-financing of letters of credit under the IFC guarantees. The Bank will also be able to serve other instruments of trade finance issued by the aforementioned banks in favor of private export companies in Belarus,” the press service of the Bank noted.

First and foremost, these services are meant for foreign banks that work with the importers of Belarusian goods and services in the countries of the Single Economic Space, the CIS, Baltic states, Central and Eastern Europe and other counties that are Belarus’ trading partners. By participating in the GTFP Belgazprombank will expand the range of partners in the targeted regions and extend the terms and the volume of transactions.

Since the inception in 2005, the GTFP has issued more than 12,000 guarantees totaling over $19 billion. The program includes more than 250 partner issuing banks in more than 90 emerging market countries. In the 2012 fiscal year the IFC provided $2.9 billion worth of guarantees.

Belgazprombank was established in 1990 and is an authorized bank of the Gazprom Group in Belarus. Russian Gazprom and Gazprombank own 49.66% of Belgazprombank’s shares each. Beltransgaz controls 0.49% of shares. 0.18% of shares are owned by the Republic of Belarus represented by the State Property Committee.