IFC extends USD 20 mln trade credit line to UniCredit Tiriac Bank

Newsroom 14/02/2014 | 13:53

International Finance Corporation (IFC), a member of the World Bank group, announced on Friday the extension of a USD 20 million trade credit line to UniCredit Tiriac Bank, in a bid to support local exporters.

This financing will allow UniCredit Tiriac Bank to increase its product offerings and to enhance the financing of local corporate customers engaged in international trade.

Rasvan Radu, CEO of UniCredit Tiriac Bank: “This credit line will significantly improve our capacity to support the trade activities of our existing and future customers.”

UniCredit Tiriac Bank is the fifth lender in Romania to join IFC Global Trade Finance program. This program backs trade in emerging markets by providing partial of full guarantees for individual trade transactions backed by IFC’s triple-A rating.

“By joining the GTFP network, UniCredit Tiriac Bank will reduce transaction costs and improve access to finance for its customers,” said Aftab Ahmed, IFC director for Financial Markets and Private Equity Funds – Europe, Middle East and North Africa.;