Home | Projects |

NBG (Ethniki) Factors - Trade Finance

Greece | Financial Institutions

Identification Code:: OP/19/0016
Total Operation Cost:: 40.000.000 EUR
Maturity:: 12 months
Operation Status:: BSTDB Approved Amount – Approval Date

40.000.000 EUR – 27 Feb 2020
: BSTDB Signed Amount – Signed Date

-40.000.000 EUR – 03 Oct 2025

40.000.000 EUR – 13 Jul 2020
: Status:
Cancelled
Description and Purpose of the Operation:: Provision of EUR 40 million Short Term Revolving and committed Trade Finance Facility to Ethniki Factors (NBG Factors), Greece. The Facility aims to contribute towards expanding Borrower’s trade finance activity among BSTDB Member Countries. The proceeds of the Facility shall be used by the Borrower for extending short-term trade financing of eligible goods in accordance with the eligibility criteria of the Bank, to those customers of the Borrower, who, produce goods in Member Countries, or import goods from Member Countries, or import Capital Goods from all countries, or export goods to all countries, in the form of pre-shipment and/or post-shipment export or import or domestic financing.
Countries of Operation:: Greece (100,00%)
Financial Product:: Trade Finance
Sector:: Financial Institutions
Domain:: Private
Borrower/Client:: Ethniki Factors S.A. ("NBG Factors"), Greece
Co-Financers/Participants:: n/a
Guarantors/Sponsors:: n/a
Developmental and Regional Cooperation Impact:: The operation involves a revolving Trade Finance Facility that is expected to have modest but favorable economic benefits for the Greek economy. The most relevant of these is the additional tax revenue gains from increased economic activity and increased exports. In addition, the financing will contribute to increases in employment, increase in export capacity and competitiveness, and multiplier effects for other parts of the economy. The regional cooperation element is likely to be positive too, as NBG Factors facilitates trade transactions with buyers located in Bulgaria, Romania and Turkey. The operation is consistent with sector and operation priorities outlined in BSTDB’s Medium Term Strategy and Business Plan 2019-22 and the Country Strategy for Hellenic Republic 2019-2022.
Environmental Classification and Impact:: The Environmental and Social performance of the Borrower will be assessed annually and unless the Borrower meets the BSTDB E&S requirements for FIs it will be requested: 1) to develop, adopt and implement basic E&S procedures satisfactory to BSTDB and integrate them as fully as possible into its credit/investment appraisal and monitoring process; 2) to follow the BSTDB’s E&S Exclusion List; 3) to ensure the trade finance operations comply, at a minimum, with the E&S regulations and standards in effect; and 4) to submit to the Bank annual E&S performance reports. The Environmental and Social performance of the Borrower will be assessed annually and unless the Borrower meets the BSTDB E&S requirements for FIs it will be requested: 1) to develop, adopt and implement basic E&S procedures satisfactory to BSTDB and integrate them as fully as possible into its credit/investment appraisal and monitoring process; 2) to follow the BSTDB’s E&S Exclusion List; 3) to ensure the trade finance operations comply, at a minimum, with the E&S regulations and standards in effect; and 4) to submit to the Bank annual E&S performance reports.
Operation Leader:: Financial Institutions II
E-mail:: fi2@bstdb.org