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IFC, Postbank Partner to Help Bulgarian Companies Enter New Markets


In Washington, D.C.:
Michael Kurdyla
Phone: +1 202 458 0033
E-mail: MKurdyla@ifc.org

For Postbank:
Iliana Zaharieva, Corporate Communications Manager
Phone: + 359 2 8166 100
E-mail: IZZaharieva@postbank.bg


Sofia, Bulgaria, March 1, 2012—IFC, a member of the World Bank Group, and Postbank (Eurobank EFG Group) signed an agreement under IFC’s Global Trade Finance Program to increase the availability of financing to help Bulgarian exporters and importers enter new markets and increase trade ties across Eastern Europe and other markets.

Under the agreement, IFC will extend a trade credit line of $20 million to Postbank, Eurobank EFG’s subsidiary in Bulgaria. The credit 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.

Businesses in Bulgaria rely on financing to export iron, steel, garments, textiles, and agricultural products to customers across Europe, and import energy commodities, metallurgical equipment, automobiles and other consumer products. Postbank’s participation in IFC’s Global Trade Finance Program, or GTFP, will enable firms to expand Bulgaria’s regional trade flows, spurring economic development and job creation.

“We are very pleased to be extending our multifaceted cooperation with IFC to support small and medium enterprises and regional trade in Southeastern Europe,” said Giorgio Pradelli, General Manager of Eurobank EFG Group and Head of International Activities. “Joining IFC’s GTFP will augment Postbank’s capacity to deliver trade finance solutions to its clients in Bulgaria, increase their access to new markets, and support the development of the Bulgarian economy.”

Georgina Baker, IFC Director of Global Trade and Supply Chain Solutions, said, “IFC will help Postbank forge new relationships with global banks and deepen the financial sector in Bulgaria. Increased access to trade financing will help local businesses grow, create jobs, and expand economic opportunities.”

Since its inception in 2005, IFC’s award-winning GTFP 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 fiscal year 2011, 53 percent of the 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.

About Postbank
Postbank, Eurobank EFG’s subsidiary in Bulgaria, is a leading Bulgarian 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.

About IFC
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.

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