International Commercial Black Sea Bank (Romania) S.A.
MIGA issued $15.8 million in coverage to Commercial Bank of Greece, S.A. for its $5.8 million equity investment in the establishment of International Commercial Black Sea Bank-Romania, S.A. in Bucharest. The MIGA guarantee covers the risks of transfer restriction, expropriation, and war and civil disturbance.
The bank will provide private Romanian and foreign companies a wide range of financial services, including short-and medium-term lending, corporate finance services, trade finance, foreign exchange trading and brokering, correspondent banking, and services related to privatization. The project will create 75 permanent local jobs for Romanians and is expected to generate more than $1 million a year in tax revenues.