Kathmandu, June 4, 2014—
IFC, a member of the World Bank Group, will provide a $5 million trade-finance facility to Nepal’s Siddhartha Bank Limited. This will boost Siddhartha Bank’s international trade business and enhance its ability to support both small and large business clients.
This trade finance facility, extended under IFC’s Global Trade Finance Program, will help Siddhartha Bank establish trade partnerships with over 250 international banks.
“This trade line will help expand our capacity to finance local importers and exporters. More importantly, we can better support smaller businesses with our trade-finance products,” said Surender Bhandari, Chief Executive Officer, Siddhartha Bank Limited.
This investment adds to IFC’s list of five existing banks that are supported under IFC’s Global Trade Finance Program in Nepal.
“IFC’s support to Siddhartha Bank Limited fits well with our strategy to partner financial institutions that are committed to developing Nepal’s small and medium enterprises,” said Valentino S Bagatsing, IFC Resident Representative for Nepal. “The facility will provide access to over 100 emerging-market countries for the bank.”
IFC launched its Global Trade Finance Program in 2005 to help increase global trade in developing countries and promote flows of goods and services among these nations. The program now has a network of more than 500 participating banks worldwide. Since its inception, the Global Trade Finance Program has covered over 25,000 trade transactions and supported over $27 billion in emerging market trade, without a single loss.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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