OREANDA-NEWS. May 20, 2010. The European Bank for Reconstruction and Development has announced an increase of foreign trade transactions limit, established in favour of Belgazprombank within the framework of the EBRD’s Trade Facilitation Programme (TFP) which is raised from USD10 to 20 million, reported the press-centre of Belgazprombank.

On May 15th in Zagreb EBRD and Belgazprombank signed the Roubles Revolving Credit Agreement (‘RUB RCA’) bringing new financing in Russian Rouble to the Belarus real economy. This RUB RCA envisages providing a RUB-denominated funding to be on-lent to the Belarusian importers within the increased TFP limit.

“Belgazprombank welcomes the EBRD’s RUB facility in order to jointly promote the expansion of the trade flows between Russia and Belarus”, said Sergey V. Shaban, Deputy Chairman of the Board, Belgazprombank.

The EBRD launched its TFP initiative in 1999 in order to revive east-west trade which had collapsed in the aftermath of the Russian financial crisis a year earlier. Over 9,000 trade deals worth over EUR 5.5 billion (USD7.1 billion) have since been facilitated through this EBRD programme, including 244 transactions in Belarus worth EUR229 million (USD294 million).

Belgazprombank, established in 1990 and controlled by Russia’s Gazprom group, occupies leading positions in lending to the Belarusian private sector, particularly SME and retail sectors and joined the TFP in 2004.