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IFC Director To Visit Greece, Explore Ways to Stoke Economic Growth


In Istanbul, Turkey:
Basak Pamir
Phone: +905323141636
E-mail:
bulgen@ifc.org


Athens, Greece, February 8, 2017—In his first official visit to Greece, Tomasz Telma, IFC’s Regional Director for Europe and Central Asia, will meet with government officials, business leaders, and representatives of international financial institutions to discuss the challenges and opportunities facing the country's private sector.

The three-day visit, which runs from February 8-10, is part of an effort by IFC to support Greek businesses, which can play a central role in creating jobs, driving innovation, and spurring economic growth. IFC is a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets. In 2015, the institution made the decision to temporarily re-engage in Greece, with the objective of restoring investor confidence and mobilizing investments to promote economic growth and job creation.

“With its recent macro-economic and structural reforms, Greece is taking important steps to rekindle economic growth,” said Telma. “The changes will help unleash the potential of the country's private sector, which can be a powerful source of innovation and job creation.”

During his visit, Telma will meet with senior representatives of the Greek government and international financial institutions operating in the country. Telma will also announce agreements with private sector companies designed to support infrastructure development and boost international trade.

Since IFC's re-engagement in Greece in 2015, it has invested investing $240 million in 5 long term finance projects. IFC has also provided US$280M in trade finance facility limits under its Global Trade Finance Program to leading Greek banks.

Greece has graduated from the World Bank Group's standard lending programs. In 2015, at the request of the Greek government, IFC’s Board of Governors endorsed a time-bound IFC engagement in the country. IFC continues to evaluate investment opportunities in financial services, infrastructure development, and other sectors. Its aim is to restore confidence for investors, support private-sector-led growth, help the country attract foreign investment, and promote domestic investments.

IFC has a growing relationship with Greece’s private sector, with an exposure of nearly €640 million in Greek financial institutions and companies operating outside the country. IFC has been a long-term partner of Greek companies and financial institutions, mainly through continued support to subsidiaries of Greek banks in Eastern and Southeastern Europe, and has helped Greek companies expand into emerging markets.

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector, end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org

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