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The European Bank of Reconstruction and Development and JSB “ORGRESBANK” have signed an agreement on issuing trade finance guarantees within the framework of EBRD Trade Facilitation Program with the total limit of EUR 10 mln.
The aim of the Program, implemented by EBRD in 1999, is international trade facilitation with the countries of Central and Eastern Europe and CIS. Within the framework of the Program, EBRD issues guarantees in favor of international confirming banks, accepting the payment risks under export and import transactions, carried out by the issuing banks from 27 countries, in which EBRD conducts its transactions. Over 80 issuing banks and over 500 confirming banks all over the world participate in the Program. JSB “ORGRESBANK” became the twentieth Russian bank, approved for participation in the Program as an issuing bank.
Signing of the Agreement within the framework of the Trade facilitation program is a first step in establishing relations between JSB “ORGRESBANK” and EBRD that stated their material interest in the further partnership development under other programs, realized by EBRD in Russia.