Belvnesheconombank (BelVEB Bank) of Belarus has become one the latest confirming banks in the European Bank for Reconstruction and Development Bank's (EBRD's) Trade Facilitation Programme (TFP).

The TFP is the oldest of several largely letter of credit-oriented support programmes provided by multilateral development agencies to facilitate the development of businesses and banks in emerging markets.

Reduced costs

BelVEB will be able to confirm L/Cs opened by the banks participating in the TFP for Belarusian exporters using EBRD guarantees.

This is intended to reduce the cost of L/C acceptance for companies using the scheme.

Improved competencies

In order to join the TFP, several BelVEB specialists have undertaken competence in trade financing training under the auspices of the International Chamber of Commerce in association with the EBRD.

BelVEB Bank was registered by the National Bank of the Republic of Belarus in December 1991.

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