IFC lends EUR 58 million to Bancpost to expand loans

IFC has lent EUR 58 million to Bancpost to help the bank extend more loans to micro, small, and medium enterprises in Romania.

Bancopost S.A. is a subsidiary of EFG Eurobank Ergasias S.A. in Greece. IFC’s support to EFG subsidiaries in Southeast Europe is part of the Joint International Financial Institution Action Plan launched in February 2009. In March 2010, Bancpost S.A. joined the IFC Global Trade Finance Program as an issuing bank to expand its trade finance operations as Romania rebounds from the global financial crisis.

IFC is also providing a loan of EUR 38 million to Eurobank EFG a.d. Beograd, an EFG subsidiary in Serbia.  

Under the Joint International Financial Institution Action Plan, the World Bank Group, including IFC; the EBRD; and the European Investment Bank pledged to provide €24.5 billion over two years to support the economies of Eastern Europe through the banking sector. The financial support of these institutions is exceeding the initial target, as a total of €27 billion had been committed as of end-August 2010. 

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