The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, recently announced that Tutunska Banka, a commercial bank based in the Former Yugoslav Republic (FYR) of Macedonia, joined its Global Trade Finance Program (GTFP), which guarantees the trade-related payment obligations of approved financial institutions. By joining the program, Tutunska Banka looks to meet the trade finance demands of the country’s small and medium-sized enterprises (SMEs). According to IFC, SMEs make up a majority of business ventures in Macedonia and are also the country’s largest employer segment. As of April 2011, GTFP has committed approximately USD 10 billion in guarantees for trade finance in developing countries.
Gjorgji Jancevski, President of Tutunska Banka, supports the program, saying, “IFC’s trade finance facility will enhance our ability to serve our customers and support trade flows both with FYR Macedonia’s traditional trading countries and emerging new trade partners.” For the year ended December 31, 2009, Tutunska Banka reported total assets of MKD 55 billion (USD 1.3 billion).
By Julie Moksim, Research Associate
About the International Finance Corporation (IFC): The International Finance Corporation (IFC) is a member of the World Bank Group that was created to support private sector development, mobilize private capital and provide advisory and risk mitigation services. IFC offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2011, IFC has 182 member countries that drive its policies and approve disbursements. As of June 30, 2010, IFC reported net income of USD 1.75 billion, total assets of USD 61 billion and return on assets of 3.1 percent.
About Tutunska Banka: Tutunska Banka is a commercial bank that is based in the Former Yugoslav Republic (FYR) of Macedonia. The bank’s network included 48 branches at the end of 2010. It reports holding a national market share of 20.5 percent by total assets, 19.9 percent by total loans, and 21.2 percent by total deposits. The bank provides services to corporate firms, small and medium-sized enterprises, and retail customers. For the year ended December 31, 2009, Tutunska Banka reported total assets of MKD 55 billion (USD 1.3 billion).
Sources and Additional Resources:
International Finance Corporation (IFC) Press Release: “IFC, NLB Tutunska Banka Expand Trade Finance for FYR Macedonia’s Smaller Enterprises”, April 8, 2011, http://www.ifc.org/ifcext/media.nsf/content/SelectedPressRelease?OpenDocument&UNID=0D310C3AF0C54DDB8525786C00506285
MicroCapital’s Microfinance Universe Profile: International Finance Corporation (IFC)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29
MicroCapital’s Microfinance Universe Profile: Tutunska Banka
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Tutunska+Banka
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