IFC extends USD 4mn credit line to Union Bank Albania for SMEs financing.

By bne IntelliNews September 4, 2013

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.

Related Articles

Shell to invest $42.5mn in oil, gas exploration in Albania

International oil major Shell plans to invest $42.5mn in oil and gas exploration in southern Albania over the next seven years, Albania’s National Agency of Natural Resources ... more

Freedom House keeps “partly free” status for Macedonia despite new government’s efforts

Macedonia was rated only “partly free” in the latest report from international watchdog Freedom House, the same almost all of the six Western Balkan countries, despite efforts by the ... more

Albania’s central bank to issue new high-denomination banknote

The Albania’s central bank has announced it will issue a new ALL10,000 (€74.9) banknote. The new ALL10,000 banknote will have the highest value issued so far, as the current biggest value ... more