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IFC Provides Ghana’s HFC Bank with a $10 Million Facility to Support Increased Trade

Accra, Ghana, May 13, 2013 —IFC, a member of the World Bank Group, today announced that it will provide a $10 million trade finance facility to Ghana’s HFC Bank under the Global Trade Finance Program. It will allow HFC Bank to establish working partnerships with a large number of major international and regional confirming banks in the program, thus broadening access to finance in Ghana and helping grow the economy.
Under the transaction signed today, IFC's Global Trade Finance Program will guarantee the trade-related payment obligations of HFC Bank. By tapping the risk mitigation provided by the GTFP, HFC Bank will be able to enhance its global reach, and gain familiarity in new markets. It is the first time IFC has provided financing to HFC Bank.
Asare Akuffo, the Managing Director of HFC Bank, said, “Our new partnership with IFC will allow HFC Bank to better meet the needs of our clients and support their trade activities. Access to finance supporting trade will help our clients expand their businesses.”
Jean Philippe Prosper, IFC Vice President for Sub-Saharan Africa and Latin America and the Caribbean, said, “IFC is committed to providing competitive financial products, especially to intermediaries like HFC Bank that can reach smaller and medium-sized businesses. Ghana’s increasing trade requires banks that can expand services to a wider range of clients and play a bigger role in the country’s rapid economic development.”
The GTFP extends and complements the capacity of banks to deliver trade finance by providing risk mitigation on a per-transaction basis in challenging markets where trade lines may be limited. GTFP has a global mandate, dedicated trade specialists, and over 250 banks as part of its network.
HFC Bank (Ghana) Limited is a publicly listed company on the Ghana Stock Exchange, and currently operates out of 26 fully networked branches in the Greater Accra, Ashanti, Brong Ahafo, Northern, Eastern, Central and Western Regions and through a network of 30 automatic teller machines. HFC Bank (Ghana) Limited currently provides a wide range of universal banking services namely: mortgage banking, commercial banking, investment banking, real estate services, microfinance operations and private equity/venture capital fund management. The Bank is one of the leading mortgage providers in Ghana.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit .
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