Bucharest, Romania, October 4, 2012—IFC,
a member of the World Bank Group, and Banca Transilvania are expanding
their successful partnership by increasing financing available for small
importers and exporters in Romania.
Through its Global Trade Finance Program,
IFC is providing a $15 million trade credit line to Banca Transilvania,
which will enable the bank to provide additional funds to micro, small,
and medium enterprises that rely on it to finance their international trade.
IFC’s Global Trade Finance Program supports trade in emerging markets
by providing partial or full guarantees for individual trade transactions,
backed by IFC’s triple-A rating. Since its inception in 2005, the program
has issued more than 12,000 guarantees totaling $19 billion to banks. More
than 80 percent of the guarantees benefited small and medium enterprises
in developing countries.
“IFC is an important Banca Transilvania
shareholder and a strong supporter of our business strategy,” said Horia
Ciorcil„, Chairman of Banca Transilvania’s Board of Directors. “Its Global
Trade Finance Program will support and strengthen Romanian companies and
reinforce the Romanian entrepreneurial spirit.”
Georgina Baker, IFC Director for Global
Trade and Supply Chain Solutions, said, “Through the Global Trade Finance
Program, IFC is able to channel funding to small businesses looking to
tap new markets and grow their businesses. This additional support will
open new international trade opportunities for local firms and stimulate
economic development in Romania.”
IFC has held a 3.54 percent stake in
Banca Transilvania since 2009, when it converted a $20 million subordinated
convertible bond into equity. IFC also previously extended four senior
loans and one subordinated loan to the bank.
In fiscal 2012, IFC provided $2.9 billion
in guarantees to support trade in the world’s poorest countries, most
of which supported small and medium enterprises. The program includes more
than 260 partner banks in more than 90 emerging-market countries.
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, mobilizing capital in international financial
markets, and providing advisory services to businesses and governments.
In FY12, our investments reached an all-time high of more than $20 billion,
leveraging the power of the private sector to create jobs, spark innovation,
and tackle the world’s most pressing development challenges. For more
information, visit www.ifc.org.
About Banca Transilvania
Banca Transilvania is one of the most
important banks in Romania. Its mission, as a private bank with majority
Romanian capital, is to support the business environment through innovative
services and products. BT’s activity is organized along four main business
lines: retail, SME, corporate, and the Healthcare Division. Founded in
1993 by a group of local entrepreneurs, BT became the first banking institution
in Romania to be listed on the Bucharest Stock Exchange (BSE) in 1997.
For more information, please visit www.bancatransilvania.ro