The World Bank’s investment arm, the International Finance Corporation (IFC), has extended a USD 4mn credit line to Albanian lender Union Bank to support financing of small and medium enterprises (SMEs), IFC said in a statement.
The funding will help Union Bank increase its available products and financial support for corporate and small business customers engaged in international trade, helping those firms reach new markets, expand operations and create new jobs.
Union Bank is the second bank in Albania after National Commercial Bank (BKT) to join the IFC Global Trade Finance Program (GTFP) as an issuing bank. The GTFP promotes trade in emerging markets by providing partial or full guarantees for individual trade transactions backed by IFC’s triple-A rating.
Union Bank has been operating on the Albanian market for more than seven years and operates a network of 30 branches.
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