The FINANCIAL -- IFC, a member of the World Bank Group, and Alpha Bank Romania 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 $30 million credit trade line to Alpha Bank Romania under its 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, according to IFC.
As an issuing bank, Alpha Bank Romania, a member of Greece’s Alpha Bank Group, will be able to expand its reach across the globe, support Romanian companies’ entrance into new markets, and increase trade ties across the European Union and beyond.
“Alpha Bank Romania is dedicated to its role in promoting the values of commercial banking and sustaining large corporations and SMEs alike, in their international trade activities,” said Sergiu Oprescu, Executive President of Alpha Bank Romania. “The new partnership with IFC will have a positive impact on our ongoing efforts to support economic growth in the country.”
Marcos Brujis, IFC Global Industry Director, Financial Institutions Group, said: “Through GTFP, IFC is channeling financing into economies that need to expand trade opportunities for local companies. Access to trade finance is especially important for smaller companies that depend on exports to remain viable and continue to grow.”
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.