Feb. 17--BUCHAREST -- International Finance Corporation (IFC), a member of the World Bank Group, has extended a 20 million US dollar trade credit line to UniCredit Tiriac Bank in order to channel additional financing to the bank's clients working in import and export in Romania and boost economic growth, IFC reported in a press release last week.
With IFC's credit line, UniCredit Tiriac Bank will increase its product offerings and financial support for corporate customers in Romania engaged in international trade, helping those firms reach new markets, expand operations, and create jobs. UniCredit Tiriac Bank is the fifth bank in Romania to join IFC's Global Trade Finance Program (GTFP). The program promotes trade in emerging markets by providing partial or full guarantees for individual trade transactions backed by IFC's triple-A rating.
'IFC is an important partner for us,' said 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.'
This new trade line represents a continuation of the cooperation between IFC and UniCredit Tiriac Bank. In July 2013, IFC extended a 29 million euros (39 million US dollars) loan to UniCredit Tiriac Bank to support the development of small and medium-sized companies.
'IFC is dedicated to supporting private sector development in Romania and our cooperation with UniCredit Tiriac Bank is an important part of that strategy,' said Aftab Ahmed, IFC Director for Financial Markets and Private Equity Funds in Europe, Middle East and North Africa. 'By joining the GTFP network, UniCredit Tiriac Bank will reduce transaction costs and improve access to finance for its customers.'
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