MINSK, 27 March (BelTA) – Belarusbank has joined the trade facilitation program of the European Bank for Reconstruction and Development (EBRD) as a confirming bank, the Belarusbank press service told BelTA.
The relevant agreement was signed during the international conference Belarus: Trade Financing 2018.
As part of the trade facilitation program the EBRD provides guarantees to international confirming banks, undertaking political and commercial payment risks in international trade operations, which are carried out by issuing banks in the countries the EBRD operates in. The program will allow Belarusbank to confirm the letters of credit issued by foreign banks to the clients, which export Belarusian products.
Since Belarus plays a major role in servicing the country's export (over 26% in 2017), a large number of Belarusian companies will receive financial support and the ability to reduce the risk of non-payment for exported products.
The European Bank for Reconstruction and Development (EBRD) is an international financial organization, which facilitates transition to market economy and the development of private initiative and entrepreneurship in over 30 countries ranging from Morocco to Mongolia and from Estonia to Egypt. The bank's shareholders are 65 countries, the European Union, and the European Investment Bank.
Belarusbank is Belarus' largest financial and credit institution. It offers all kinds of banking services and products.