Bucharest, Romania, April 24, 2012—IFC,
a member of the World Bank Group, is increasing its trade guarantees to
Bancpost, Eurobank EFG’s subsidiary in Romania, to increase the availability
of financing under IFC’s Global Trade Finance Program to help Romanian
exporters and importers enter new markets and increase trade ties across
Eastern Europe and beyond.
IFC is increasing a trade credit line
to Bancpost to $50 million. Bancpost joined the Global Trade Finance Program
in 2010 as the first issuing bank in Romania and its participation in the
program has enabled firms to expand Romania’s regional trade flows, supporting
growth and job creation.
The increased trade line will help the
bank grow its trade finance business and offer an expanded range of trade-related
products to its small and medium enterprise and corporate customers. Access
to trade finance is essential for small and medium enterprises that depend
on cross-border trade to remain viable and seek new opportunities for growth
in foreign markets.
“By participating in IFC’s Global
Trade Finance Program we are supporting Romanian companies and regional
trade in Europe,” said Giorgio Pradelli, General Manager of Eurobank EFG
Group and Head of International Activities. “Bancpost’s capacity to deliver
trade finance solutions to its clients in Romania visibly increased, as
well as our contribution to the Romanian economy.”
Georgina Baker, IFC Director, Trade
and Supply Chain, said, “We have been working with Bancpost to strengthen
their relationships with global banks and deepen the financial sector in
Romania since 2010. With this new agreement IFC is expanding trade finance
in Romania and helping businesses expand into new markets.”
Since its inception in 2005, IFC’s
award-winning Global Trade Finance Program has issued more than 11,000
guarantees totaling $15.8 billion to banks on trade-related payment obligations
of its financial institution clients in emerging markets. Most significantly,
in the last fiscal year 53 percent of the total volume supported trade
in the world’s poorest countries, and 79 percent went to small and medium
enterprises. The program includes more than 200 partner banks in over 90
Romania became a member of IFC in 1990.
IFC’s portfolio in Romania stands at $658 million. IFC’s role in Romania
is evolving in light of the country’s EU membership and the growing availability
of private financing. In addition to its work in financial markets, IFC
has focused on agriculture, general manufacturing, infrastructure, and
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, providing advisory services to businesses and
governments, and mobilizing capital in the international financial markets.
In fiscal 2011, amid economic uncertainty across the globe, we helped our
clients create jobs, strengthen environmental performance, and contribute
to their local communities—all while driving our investments to an all-time
high of nearly $19 billion. For more information, visit www.ifc.org.
Bancpost, Eurobank EFG’s subsidiary
in Romania, is a leading Romanian bank that provides corporate, small and
medium enterprise, and individual clients with a comprehensive package
of timely products and services to meet their needs. It is a member of
Eurobank EFG Group, a European banking organization with total assets of
€81.9 billion as of June 30, 2011. The Group employs more than 22,500
people and offers its products and services both through its network of
1,600 branches and points of sale and through alternative distribution
channels across 10 countries. For more information, visit www.eurobank.gr.