International Finance Corporation, a member of the World Bank Group, has announced that Raiffeisen Bank Aval has become the first issuing bank in Ukraine to join the IFC Global Trade Finance Program. IFC’s $30 million trade finance line for the bank will support corporate clients and small and medium enterprises in the country, Raiffeisen Bank Aval’s press service reported. The IFC Global Trade Finance Program supports entrepreneurs in countries where trade is restricted. It offers banks guarantees that enable them to issue trade finance to businesses.        No additional details have been disclosed.                                                                                                          UNIAN reference: International Finance Corporation, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. Ukraine became a shareholder and a member of IFC in 1993. As of March 15, 2008, IFC had invested $886.7 million in 38 projects in the country.                                                                                          VAT Raiffeisen Bank Aval (formerly – Aval) was established in 1992. It is currently a member of the international bank group RCB, and over 95 percent of its stock belongs to Raiffeisen International.

As of March 31, 2008, the bank’s assets were worth 47.11 billion hryvnias, liabilities stood at 41.65 billion hryvnias, and owned capital totaled 5.46 billion hryvnias.

The bank’s statutory capital was 2.28 billion hryvnias, as of the end of March.

Raiffeisen Bank Aval’s net profit amounted to 335.58 million hryvnias in 1Q of 2008.