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Bucharest, Romania, May 19, 2015
— IFC, a member of the World Bank Group, and Banca Comercială Română (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.
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 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
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About BCR
Banca Comercială Română (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
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