Yangon, Myanmar, December 9, 2013 —
IFC, a member of the World Bank Group, is helping train banks in Myanmar to strengthen their banking operations and to offer trade financing to local exporters and importers.
The IFC is hosting a five-day training program, starting on December 9in Yangon, bringing together bankers from the Central Bank of Myanmar and 12 local banks with a focus on international trade. The program is designed to transfer best practices and help banks to provide a broader range of trade finance solutions to the local entrepreneurs and small businesses.
“We are keen to join this timely training to strengthen our trade finance operational skills,” said U Thein Zaw, Vice Chairman of Construction and Housing Development Bank. “These skills will help us expand our offerings to importers and exporters, when trade is growing since the market opened up.”
This training is organized under the IFC’s Global Trade Finance Program, which was launched in 2005 to support trade with emerging markets. In addition to complementing the banks’ capacity in covering payment risk in granting trade financing to local companies, the program has delivered more than 200 training programs to improve trade finance operations to over 5,500 bankers in over 60 countries.
“Knowledge and skills acquired from this training will ultimately allow banks to optimize trade financing opportunities in Myanmar and other countries,” said Charles Schneider, IFC Resident Representative in Myanmar. “We are confident that this training program will help banks deliver effective financing solutions and trade products to their clients, which will boost the development of the country’s financial sector as well as trade and economic growth.”
The training is conducted in partnership with the government of the Netherlands, an active supporter of IFC’s trade advisory services program.
To date, IFC’s Global Trade Finance Program has issued more than 16,000 guarantees totaling $27 billion to banks for trade-related payment obligations of their financial-institution clients in emerging markets. The program network includes more than 500 participating banks worldwide.
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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