For the third consecutive year the European Bank for Reconstruction and Development (EBRD) has named Bank of Cyprus the most active issuing bank on the island for promoting international trade.

The accolade underscores Bank of Cyprus’ successful participation in the Trade Facilitation Programme (TFP), confirming its role in developing businesses thanks to the position it holds as the island’s biggest commercial lender with the largest market share.

The Trade Facilitation Programme, guaranteed by the EBRD, improves the credit rating of the Bank’s international trading products, boosting their acceptance by banks overseas.

Since joining the TFP in late 2016, Bank of Cyprus has helped Cypriot businesses enhance or expand their international trading activities, including in countries where the EBRD is present. Cypriot businesses are given innovative solutions, and their participation in international competitions is facilitated, as is the execution of trading transactions with a broadened network of customers and suppliers overseas, something of particular importance at this time.

Each year the EBRD acknowledges and awards the commercial banks that are most active in member-states, based exclusively on the number of trade transactions during the year in question.

 

The TFP was developed to promote and facilitate foreign trade to, from and within Central and Eastern Europe, the Commonwealth of Independent States and the SEMED (Southern and Eastern Mediterranean) region. Through the TFP, the EBRD provides guarantees to international commercial banks, taking the commercial and political risk of non-payment by issuing banks, such as letters of credit, letters of guarantee and counter-guarantees executed by banks in EBRD member-states.