IFC signs 100-mln-euro trade deal with Eurobank

“IFC’s trade facility will help Eurobank boost its trade finance activity and competitiveness, with a focus on export-related business, by providing risk mitigation for individual trade transactions through GTFP’s growing network of issuing and confirming banks,” the corporation said in a press release.
“The agreement is part of our initiative to restore the Greek economy, and will benefit both entrepreneurs, who are struggling to remain competitive globally under unfavorable conditions, and the Bank,” said Eurobank CEO Fokion Karavias. “Having returned to profitability, we prioritize supporting the Greek economy," he added.
Eurobank Group and IFC have developed a strong partnership through the participation of the Group’s subsidiary banks in Romania, Serbia and Bulgaria in the GTFP since 2010. To date, IFC has extended over 1 billion euros in cumulative trade finance support to Eurobank’s Balkan subsidiaries and their local customers, helping them tap new markets and commercial partners.
“Greece has a competitive advantage in international trade with its geographical position as a historical, commercial, cultural and economic crossroads,” said Marcos Brujis, IFC Global Director, Financial Institutions Group. “Unleashing Greece’s export potential and connecting local companies to international markets can help tremendously to revive the Greek economy and drive development.”
In 2015, at the request of the Greek government, IFC’s Board endorsed a selective and temporary IFC reengagement in Greece. IFC became a shareholder in all of Greece’s four systemic banks by participating in their recapitalization, acquiring 150 million euros worth of shares to restore financial sector stability and investor confidence, strengthening the banking sector.