Business news

MINSK, 26 March (BelTA) – The International Finance Corporation (IFC) has increased the ceiling amount available to Belarusian OAO BNB Bank for trade finance support operations by $5.5 million, BelTA has learned.

As part of the Global Trade Finance Program (GTFP) in early March 2018 the IFC increased its guarantee line for supporting trade finance operations for BNB Bank by $5.5 million. The maximum duration for such operations was increased from one year to two years. At present BNB Bank’s total ceiling amount as part of the Global Trade Finance Program stands at $10 million.

“We are happy to get new opportunities for expanding business with our long-term strategic partner — the International Finance Corporation. The higher ceiling amount confirms the growing demand for trade finance products on the part of our clients and demonstrates the bank’s capability to work with foreign parties. Cooperation with such parties helps us offer to our clients very competitive terms as far as foreign trade is concerned,” noted Sergei Sabuk, Deputy CEO at BNB Bank.

According to Olga Shcherbina, head of the IFC office in Belarus, supporting Belarusian banks via the Global Trade Finance Program has been in the center of attention for the IFC for several years now. “At present BNB Bank is a leading private bank in Belarus, which is focused on lending to small and medium business. Our continued cooperation will help more small and medium enterprises to enter new markets and continue developing foreign trade,” she stressed.

BNB Bank has been working with the IFC since 2010. Since then the total volume of trade finance operations facilitated by the Belarusian bank as part of the Global Trade Finance Program has exceeded $21 million.

The public joint-stock company (OAO) Belarusky Narodny Bank (BNB Bank for short) was established in 1992. The bank operates 17 outlets offering banking services in all the oblast capitals of Belarus. Bank of Georgia owns 99.98% of the Belarusian bank’s stock. BNB Bank offers a broad range of services to corporations and individuals. Assisting with the development of small and medium private companies is the bank’s main strategic task.