The International Finance Corporation (IFC), the World Bank Group’s private-sector lending arm, has granted Banca Comerciala Romana (BCR) a 50 ml dollar worth of credit trade line under the Global Trade Finance Program (‘GTFP’) that supports trade in emerging markets by providing partial or full guarantees for individual trade transactions given IFC’s triple-A rating.
‘IFC, a member of the World Bank Group, and BCR join forces to expand the availability of financing for commercial exchanges for Romania-based importers and exporters, to help stimulate economic growth and job creation,’ reads a BCR release to Agerpres on Tuesday.
BCR, a member of Erste Group, joined the program as an issuing bank. The participation in the program will enable it to expand its reach to banks around the world, support the entry of Romanian companies to new markets, and enhance trade ties across the European Union and beyond.
Through our trade financing program, IFC directs the so much required financing to the economies that need to expand global trade opportunities for local companies. Access to trade financing is particularly important for small and medium-sized companies that depend on cross-border trade to stay viable and seek new opportunities for development, said Marcos Brujis, IFC Global Industry director.