Bucharest, Romania, May 19, 2015—
IFC, a member of the World Bank Group, and Banca Comercială Romānă (BCR)
are joining forces to expand the availability of trade finance for importers
and exporters in Romania to help spur economic growth and create jobs.
IFC has extended a $50 million credit trade line to BCR under the 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.
BCR, a member of the Erste group, has joined the program as an issuing
bank. Participation in the program will enable BCR, the leading trade finance
intermediary in Romania, to expand its reach to banks across the globe,
support the entrance of Romanian companies into new markets, and increase
trade ties across the European Union and beyond.
“We focus on supporting exporters and supply chain-driven manufacturing
because we have seen excellent export-driven economic growth and companies
that mitigate risk while maintaining turnover. We are committed to helping
the economy advance, especially by leveraging financial intermediation
to boost trade and entrepreneurship,” said Sergiu Manea, Vice President
for Corporate & Markets at BCR.
“Through our trade finance program, IFC is channeling much-needed financing
into economies that need to expand global trade opportunities for local
firms,” said Marcos Brujis, IFC Global Industry Director, Financial Institutions
Group. “Access to trade finance is especially essential for small and
medium enterprises that depend on cross-border trade to remain viable and
seek new opportunities for growth.”
Since its inception in 2005, IFC’s award-winning Global Trade Finance
Program has issued more than 21,000 guarantees totaling $36 billion to
banks on trade-related payment obligations of its financial institution
clients in emerging markets. The program includes more than 280 partner
banks in over 95 emerging-market countries.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in about 100 countries, we use our capital, expertise, and
influence to help eliminate extreme poverty and boost shared prosperity.
In FY14, we provided more than $22 billion in financing to improve lives
in developing countries and tackle the most urgent challenges of development.
For more information, visit www.ifc.org.
Banca Comercială Romānă (BCR), a member of Erste Group, is the leading
bank in Romania, providing universal banking operations (retail, corporate
& investment banking, treasury and capital markets), and covering specialty
companies working on the leasing market, private pensions and housing banks.
BCR is Romania’s No. 1 bank in terms of asset value (over €15 bn.), in
terms of client base and in terms of savings and crediting. BCR uses a
network of 22 corporate business centers and 23 mobile offices dedicated
to corporate clients, and 551 retails units located in most communities
inhabited by at least 10,000 citizens to provide a full range of financial
products and services. For more information, visit https://www.bcr.ro/en/bcr.