Skopje, FYR Macedonia, August 21, 2013 —
IFC, a member of the World Bank Group, and Ohridska Banka have partnered to expand access to finance and spur international trade among small businesses in the former Yugoslav Republic of Macedonia.
IFC extended a $10 million trade credit line to Ohridska Banka under the Global Trade Finance Program (GTFP). The GTFP supports trade in emerging markets by providing partial or full guarantees for individual trade transactions backed by IFC’s triple-A rating.
Filip Kotora, member of the Board of Directors of Ohridska Banka, said: “Enrollment in the GTFP will help us to grow our client base and increase our share of the domestic trade finance market. We are pleased to work with IFC to support the development of local businesses in Macedonia.”
With IFC support, Ohridska Banka will be able to provide additional financing to its trade clients, particularly small and medium enterprises with growth potential that are active in the energy, metallurgical, mining, textile, food processing, and transport sectors.
“By joining our global network, Ohridska can build and strengthen relationships with over 250 international confirming banks,” said Georgina Baker, IFC Director for Global Trade and Supply Chain Solutions. “IFC’s support of local traders will allow the country to expand its export industries and pave the way for increased economic growth.”
Since its inception in 2005, the GTFP has issued more than 15,000 guarantees totaling $25 billion to banks for trade-related payment obligations of their financial-institution clients in emerging markets. In fiscal year 2013, IFC provided $3.1 billion to support trade in the world’s poorest countries, and 80 percent of all guarantees went to small and medium enterprises. The GTFP includes more than 500 participating partner banks.
About IFC
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 more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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