IFC partners Romaniaaa‚¬a„¢s Bancpost to expand trade finance

IFC, a member of the World Bank Group, has announced that Romanian lender Bancpost has 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. Bancpost, which is participating in the IFC program as a confirming bank, becomes the program’s first issuing bank in Romania. It 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 agribusiness.

The IFC 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, it aims to increase developing countries’ share of global trade.

“Joining the 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 Mihai Bogza, CEO of Bancpost.

Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia, added that IFC´s support to Bancpost is in line with its strategy in Romania 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. Since its launch, the IFC Global Trade Program has issued more than $7.1 billion in guarantees.

Anda Dragan

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