The International Finance Corporation (IFC) has extended a US$10mn credit line to Ohridska Banka in Macedonia.

The finance will be on-lent to SMEs in the form of trade finance, particularly “those with grow potential that are active in the energy, metallurgical, mining, textile, food processing and transport sectors”.

It comes as part of the IFC’s global trade finance programme (GTFP), which supports trade finance in emerging markets. The loans will all be guaranteed by the IFC.

Georgina Baker, the IFC’s director for global trade and supply chain solutions, says: “By joining our global network, Ohridska can build and strengthen relationships with over 250 international confirming banks. The IFC’s support of local traders will allow the country to expand its export industries and pave the way for increased economic growth.”

Filip Kotora, member of the board of directors of Ohridska Banka, says: “Enrolment in the GTFP will help us to grow our client base and increase our share of the domestic trade finance market. We are pleased to work with the IFC to support the development of local businesses in Macedonia.”