IFC, a member of the World Bank Group, has extended a USD 50 million credit trade line to BCR, Romania’s largest lender, under the Global Trade Finance Program (GTFP) which supports trade in emerging markets. BCR should use the money to offer new financings for importers and exporters in Romania.

BCR, a member of the Erste group, has joined the program as an issuing bank. Participation in the program will enable BCR to expand its reach to banks across the globe, and support the entrance of Romanian companies into new markets, according to a joint IFC-BCR press release.

“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.”

IFC’s Global Trade Finance Program has issued more than 21,000 guarantees totaling USD 36 billion, since its inception in 2005. The program includes more than 280 partner banks in over 95 emerging-market countries.

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editor@romania-insider.com