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Athens, Greece, August 23, 2016
—IFC, a member of the World Bank Group, is providing a €100 million trade finance facility to Eurobank, a leading Greek bank, as part of IFC’s Global Trade Finance Program (GTFP), marking the first entry of a bank in Greece into IFC’s trade program.
IFC’s trade facility will help Eurobank boost its trade finance activity and competitiveness, with a focus on export-related business, by providing risk mitigation for individual trade transactions through GTFP’s growing network of issuing and confirming banks.
Financing global trade is a priority for IFC as it drives economic growth and creates jobs by improving the cross-border movement of goods across the supply chain. IFC’s GTFP provides essential support and liquidity for trade flows through a global network of more than 500 bank partners, helping small and medium enterprises access the global trading system.
“The agreement is part of our initiative to restore the Greek economy, and will benefit both entrepreneurs, who are struggling to remain competitive globally under unfavorable conditions, and the Bank,” said Eurobank CEO Fokion Karavias. “Having returned to profitability, we prioritize supporting the Greek economy,"
Eurobank Group and IFC have developed a strong partnership through the participation of the Group’s subsidiary banks in Romania, Serbia and Bulgaria in the GTFP since 2010. To date, IFC has extended over $1 billion in cumulative trade finance support to Eurobank’s Balkan subsidiaries and their local customers, helping them tap new markets and commercial partners. IFC deepened its engagement last year, becoming a minority shareholder in Eurobank.
“Greece has a competitive advantage in international trade with its geographical position as a historical, commercial, cultural and economic crossroads,” said Marcos Brujis, IFC Global Director, Financial Institutions Group. “Unleashing Greece’s export potential and connecting local companies to international markets can help tremendously to revive the Greek economy and drive development.”
IFC has a growing relationship with Greece’s private sector, with an exposure of nearly €600 million in Greek financial institutions and companies operating outside the country. IFC has been a long-term partner of Greek companies and financial institutions, mainly through continued support to subsidiaries of Greek banks in Eastern and Southeastern Europe, and has helped Greek companies expand into emerging markets.
In 2015, at the request of the Greek government, IFC’s Board endorsed a selective and temporary IFC reengagement in Greece. Last year IFC participated in the recapitalization of Greece’s four main banks, acquiring €150 million worth of shares to restore financial sector stability and investor confidence, strengthening the banking sector.
At its inception in 2005, IFC’s GTFP network had just 20 banks supporting $300 million in trade annually. The award-winning program now covers more than 500 banks in 150 countries, and last year supported more than $6 billion in trade. To date, IFC’s Trade and Commodity Finance Solutions have supported over $130 billion in global trade all directly linked to the movement of key commodities, capital goods, technology and services across and between emerging market borders.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit
The Eurobank group is a dynamic banking group active in eight countries, with total assets of €72.9 billion and 16,912 employees. Established in 1990, the Group expanded through organic growth and acquisitions to become a leading force in recent years’ developments and the shaping of the banking sector. With a total network of over 970 branches in Greece and abroad, the Group offers a comprehensive range of financial products and services to its retail and corporate customers. In Greece, Eurobank is one of the four pillars of the banking system. The Group also holds a strategic position in retail and business banking in Bulgaria, Romania and Serbia, offers distinguished Wealth Management services in Cyprus, Luxembourg and London and is also present in Ukraine.
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