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IFC has agreed to provide Eurobank with a €100 million ($113.3 million) trade finance facility as part of its Global Trade Finance Program (GTFP).
Eurobank is the first Greek bank to join the programme. It will use the facility to boost its trade finance and export-related activity by providing risk mitigation for individual trade transactions through GTFP’s network of issuing and confirming banks.
Fokion Karavias, Eurobank CEO, said that the agreement is part of the bank’s initiative to restore the Greek economy: “[The facility] will benefit both entrepreneurs, who are struggling to remain competitive globally under unfavourable conditions, and the bank”.
To date, IFC has extended over $1 billion in cumulative trade finance support to Eurobank’s Balkan subsidiaries. IFC became a minority shareholder in the bank in 2015, taking a $50 million stake as part of Eurobank's recapitalisation.