Press Releases

IFC, NLB Tutunska Banka Expand Trade Finance for FYR Macedonia’s Smaller Enterprises

In Washington, D.C.:
John McNally

Washington, D.C., April 8 2011—IFC, a member of the World Bank Group, today welcomed NLB Tutunska Banka to its Global Trade Finance Program as its first issuing bank partner in the Former Yugoslav Republic of  Macedonia.  Through the program, the bank will expand access to trade finance for the country’s small and medium enterprises.

IFC’s Global Trade Finance Program supports trade in emerging markets by providing partial or full guarantees for individual trade transactions through an effective mitigation instrument, IFC’s triple-A credit rating.

By joining IFC’s trade program as an issuing bank, NLB Tutunska Banka, the third-largest bank in FYR Macedonia, will be able to expand its trade-finance solutions for small and medium enterprises operating in key import and export sectors.  Smaller enterprises form the vast majority of business in FYR Macedonia and account for most private sector jobs.

“We are extremely pleased to be the first FYR Macedonian partner bank to join IFC’s Global Trade Finance Program,” said Gjorgji Jancevski, President of the Management Board of NLB Tutunska Banka.  “IFC’s trade finance facility will enhance our ability to serve our customers and support trade flows both with FYR Macedonia’s traditional trading countries and emerging new trade partners.”

Dimitris Tsitsiragos, IFC Director for Middle East, North Africa and Southern Europe, said “We warmly welcome NLB Tutunska Banka to our trade-finance program.  This first-time trade finance investment in FYR Macedonia is a core element in IFC’s strategy to improve access to finance for small and medium enterprises and to help expand global trade opportunities for local firms.  SMEs are engines of job creation and economic growth and a key way to advance development and reduce poverty.”

IFC’s Global Trade Finance Program has issued more than $10 billion dollars in guarantees to facilitate trade flows in the emerging markets since the program’s inception in 2005.  The program extends and complements the capacity of banks to deliver trade finance for importers and exporters on a per-transaction basis in challenging markets where trade lines may be limited.  Through the program, IFC provides coverage for over 200 issuing banks in more than 84 emerging markets and has a network of more than 400 participating banks from around the world.

For more information about the program, contact Mark Rozanski, Regional Head, Trade Finance for emerging Europe and Central Asia, at or visit

About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit

About NLB Tutunska Banka

NLB Tutunska Banka is Macedonia’s third-largest bank, offering a wide range of banking services and with a nationwide presence. The bank’s network included 48 branches at the end of 2010. It has a national market share of 20.5% percent by total assets, 19.9% percent by total loans, and 21.2% percent by total deposits. The bank provides services to corporate firms, small and medium enterprises, and retail customers. NLB Tutunska Banka was named “Bank of the year 2009” in the NLB Group. For more information, visit