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Bucharest, Romania, April 24, 2012
—IFC, a member of the World Bank Group, is increasing its trade guarantees to Bancpost, Eurobank EFG’s subsidiary in Romania, to increase the availability of financing under IFC’s Global Trade Finance Program to help Romanian exporters and importers enter new markets and increase trade ties across Eastern Europe and beyond.
IFC is increasing a trade credit line to Bancpost to $50 million. Bancpost joined the Global Trade Finance Program in 2010 as the first issuing bank in Romania and its participation in the program has enabled firms to expand Romania’s regional trade flows, supporting growth and job creation.
The increased trade 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. Access to trade finance is essential for small and medium enterprises that depend on cross-border trade to remain viable and seek new opportunities for growth in foreign markets.
“By participating in IFC’s Global Trade Finance Program we are supporting Romanian companies and regional trade in Europe,” said Giorgio Pradelli, General Manager of Eurobank EFG Group and Head of International Activities. “Bancpost’s capacity to deliver trade finance solutions to its clients in Romania visibly increased, as well as our contribution to the Romanian economy.”
Georgina Baker, IFC Director, Trade and Supply Chain, said, “We have been working with Bancpost to strengthen their relationships with global banks and deepen the financial sector in Romania since 2010. With this new agreement IFC is expanding trade finance in Romania and helping businesses expand into new markets.”
Since its inception in 2005, IFC’s award-winning Global Trade Finance Program 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 the last fiscal year 53 percent of the total volume supported trade in the world’s poorest countries, and 79 percent went to small and medium enterprises. The program includes more than 200 partner banks in over 90 emerging-market countries.
Romania became a member of IFC in 1990. IFC’s portfolio in Romania stands at $658 million. IFC’s role in Romania is evolving in light of the country’s EU membership and the growing availability of private financing. In addition to its work in financial markets, IFC has focused on agriculture, general manufacturing, infrastructure, and healthcare.
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
.
About Bancpost
Bancpost, Eurobank EFG’s subsidiary in Romania, is a leading Romanian 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
.
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