New agreement between Eurobank EFG and IFC
10 June 2011.
Eurobank EFG expands its strong support to the Serbian economy
Belgrade, June 10, 2011 - Eurobank EFG Belgrade and IFC, a member of the World Bank Group, signed a Global Trade Finance Programme Agreement on June 2, 2011. Through the agreement, Eurobank EFG has secured a trade facility in the order of USD20m through which it will support the development and promotion of the trade activities of Serbian small, medium-sized and large enterprises.
The Global Trade Finance Programme is envisaged for companies that are actively involved in foreign trade and are in need of financing for their export and import business.
The support to companies with export/import activities can be offered in many forms including trade related short-term credits, as well as other related guarantee instruments. The instruments that can be utilised under the facility include documentary letters of credit, stand-by documentary letters of credit, guarantees as well as guarantees in favour of international banks acting as short-term indirect financiers of clients.
Eurobank EFG expects increased interest of SMEs, as well as major corporate clients in this programme and aims to provide improved foreign trade related services under favourable terms.
The participation of Eurobank EFG Belgrade in the Global Trade Finance Programme is complementary to the USD125m financing agreement signed at the end of 2010 between Eurobank EFG Group and IFC aimed at providing financing for SME clients of Eurobank EFG subsidiaries in Serbia and Romania.