IFC , a member of the World Bank Group, is providing a $20 million trade facility to Greece’s Eurobank EFG Serbian subsidiary, Eurobank EFG a.d. Beograd to help the bank expand its trade finance operations to Serbia as the country rebounds from the global financial crisis.
The bank will use the facility to increase trade finance offerings and mobilize pre-export financing for companies active in the country’s key job-creating sectors, including small and medium enterprises.
“Joining IFC’s Global Trade Finance Program will help us provide trade solutions to our clients and increase their access to new markets around the world,” said Giorgio Pradelli, General Manager of Eurobank EFG Group and Head of International Activities.
IFC’s Global Trade Finance Program supports trade with emerging markets worldwide by providing risk mitigation. By extending and complementing banks’ capacity to deliver trade finance solutions, IFC aims to increase developing countries’ share of global trade.
“IFC´s support to Eurobank’s Belgrade subsidiary is in line with our strategy in Serbia to improve access to finance for small and medium enterprises and to expand global trade opportunities for local firms, helping mitigate the impact of the financial crisis and create much-needed jobs,” said Dimitris Tsitsiragos, IFC Director for Middle East, North Africa, and Southern Europe.