The European Bank for Reconstruction and Development (EBRD) is supporting Greek trade through a facility to National Bank of Greece, under its trade facilitation programme (TFP).

National Bank of Greece is the oldest bank in the country, and one of the largest. The EBRD became a minority shareholder at the end of 2015 through the recapitalisation of Greece’s four systemic banks following the country’s recession.

The facility will now help National Bank of Greece to increase its trade finance activities, despite continuously difficult financial market conditions.

“Supporting the expansion of trade finance in Greece is critically important for the revival of the country’s economy. We are pleased to welcome National Bank of Greece into our TFP and strengthen our co-operation with the bank also in the area of trade. The programme will help National Bank of Greece to better meet its clients’ trade finance needs and further expand their activities which will benefit the whole economy,” says EBRD president Suma Chakrabarti.

Leonidas Fragiadakis, CEO of National Bank of Greece, adds: “National Bank of Greece, which has the lowest loan-to-deposit ratio among Greek banks, continues to finance the economy by developing new tools and partnerships with the aim of revitalising economic activity.

“We are ready to use our expertise and long-standing tradition in trade finance for the successful implementation of the programme.”

The EBRD started temporarily investing in Greece in 2015, in order to support the country’s economic recovery.