Banca Transilvania takes USD 15 mln IFC loan for SME trade finance

Newsroom 09/10/2012 | 12:18

IFC, a member of the World Bank Group, has provided a USD 15 million trade credit line to Banca Transilvania, which will use the loan to provide additional funds to micro, small and medium enterprises that rely on it to finance their international trade.

The loan has been granted under IFC’s Global Trade Finance Program that supports trade in emerging markets by providing partial or full guarantees for individual trade transactions.

“IFC is an important Banca Transilvania shareholder—and a strong supporter of our business strategy,” said Horia Ciorcila, chairman of Banca Transilvania’s Board of Directors. “Its Global Trade Finance Program will support and strengthen Romanian companies and reinforce the Romanian entrepreneurial spirit.”

IFC previously extended four senior loans and one subordinated loan to the bank. It has held a 3.54 percent stake in Banca Transilvania since 2009, when in converted a USD 20 million subordinated convertible bond into equity.

“Through the Global Trade Finance Program, 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,” said Georgina Baker, IFC director for Global Trade and Supply Chain Solutions

This year, IFC provided USD 2.9 billion in guarantees to support trade in 90 emerging market countries through 260 partner banks.

Ovidiu Posirca

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