Piraeus Bank on Tuesday reached an agreement with the European Bank for Reconstruction and Development (EBRD) to provide a 50 million euros facility under the EBRD’s Trade Facilitation Programme to export and import oriented companies in Greece.
This agreement, being a part of the of the Bank’s broader planning, is attained in a timely manner in order to contribute actively in the strengthening of Greek entrepreneurship, enhancing the sustainable development and supporting cross-border trade. George Poulopoulos, Deputy CEO of Piraeus Bank, stated: “Piraeus Bank’s top market share in the business sector, in conjunction with the gradual stabilisation of the Greek economy, enable us to continue supporting Greek entrepreneurship also with new financing tools, that contribute to the restoration of economic activity. Piraeus Bank’s participation in the Trade Facilitation Programme is another proof that our valuable co-operation with the EBRD brings results, strengthening businesses with cross-border activity and export orientation”.
Sabina Dziurman, EBRD Director for Greece and Cyprus, stated: “We are pleased to welcome Piraeus Bank into EBRD’s Trade Facilitation Programme and help the Bank to better meet clients’ trade finance needs. Supporting the expansion of trade finance in Greece is critically important for the revival of the country’s economy by creating opportunities for growth and job creation.”
The Trade Facilitation Programme of the EBRD began in 1999, with the aim of promoting international trade between the countries in which the international organisation has invested. Through this programme, the EBRD provides guarantees to international banks and short-term loans to selected participating banks and factoring companies for the financing of export and import-oriented companies. This programme covers over 100 participating banks in 27 countries where EBRD operates, with total credit lines of more than 1.5 billion euros and more than 800 banks worldwide. EBRD started investing in Greece in 2015, with the aim to support the reconstruction of the country and its exit from the economic crisis. It is intended to stimulate international and domestic investment interest, strengthen the role of the private sector and deepen cross- border cooperation. EBRD’s strategic plan for the period 2016-18 is based on three principles: enhancing economic activity, addressing global challenges and supporting regional integration.