The International Finance Corporation (IFC) is providing a US$15mn trade credit line to Romania’s Banca Transilvania to help it fund trade finance for small businesses.
Georgina Baker, IFC director for global trade and supply chain solutions, says: “Through the global trade finance programme, the IFC is able to channel funding to small businesses looking to tap new markets and grow their businesses. This additional support will open new international trade opportunities for local firms and stimulate economic development in Romania.”
The IFC holds a 3.54% stake in Banca Transilvania, and has previously extended four senior loans and one subordinated loan to the bank.
“IFC is an important Banca Transilvania shareholder and a strong supporter of our business strategy. Its global trade finance programme will support and strengthen Romanian companies and reinforce the Romanian entrepreneurial spirit,” adds Horia Ciorcilã, chairman of Banca Transilvania’s board of directors.