Bucharest, Romania, March 21, 2012—IFC,
a member of the World Bank Group, and Banca Romaneasca have joined forces
to expand trade finance in Romania, a partnership that will help small
and medium enterprises create jobs and move into new markets.
Banca Romaneasca has signed on as an
issuing bank in IFC’s Global Trade Finance Program (GTFP), which supports
trade in emerging markets by providing partial or full guarantees for individual
trade transactions backed by IFC’s triple-A rating.
Through its 134 branches across Romania,
Banca Romaneasca provides financing to support the exports and imports
of its corporate and SME clients. Access to trade finance is essential
for SMEs that depend on cross-border trade to remain viable and seek new
opportunities for growth in overseas markets.
“Trade finance is a key segment in
our corporate banking strategy, and the Global Trade Finance Program is
a natural choice for a partnership,” said Cosmin Calin, Executive Director
of the Corporate Division at Banca Romaneasca. “As an issuing bank under
this program, Banca Romaneasca will contribute to Romania’s economic growth
by sustaining the involvement of Romanian companies in international trade.”
Georgina Baker, IFC Director of Global
Trade and Supply Chain Solutions, said: “As access to credit tightens,
IFC is quickly responding by deploying its resources to areas where it
can have immediate impact and reach. As a GTFP issuing bank, Banca Romaneasca
will expand trade finance in Romania, helping businesses expand into new
markets and create jobs.”
Since its inception in 2005, IFC’s
award-winning GTFP has issued more than 10,000 guarantees totaling $14.3
billion to banks on trade-related payment obligations of its financial
institution clients in emerging markets. Most significantly, in fiscal
year 2011, 53 percent of the program’s total volume was to support trade
in the world’s poorest countries, and 79 percent went to SMEs. The program
includes more than 200 partner banks in over 90 emerging-market countries.
Romania became a member of IFC in 1990.
Currently, IFC’s portfolio in Romania stands at $632 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 health care.
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.
To learn more about Banca Romaneasca,