Washington, DC, October 21, 2013
—IFC, a member of the World Bank Group, and Bank of China-NY will pursue greater strategic cooperation in the areas of trade finance, liquidity management and syndications in the Americas.
Some areas of collaboration will include participation by Bank of China-NY (BOC-NY) in IFC syndicated loans in the region, as well as targeted investments by BOC-NY in IFC initiatives such as the Critical Commodities Finance Program and the Global Trade Finance Program.
The partnership was formalized on October 11 through a Memorandum of Understanding for Strategic Cooperation signed by Jean Philippe Prosper, IFC Vice President for Latin America and the Caribbean and Sub-Saharan Africa, and Shiqiang Wu, President of BOC-NY. IFC Executive Vice President and CEO Jin-yong Cai and BOC Chairman of the Board of Supervisors Jun Li witnessed the signing.
By partnering with IFC, BOC-NY will expand its client base, diversify its products and services and enhance country risk control and liquidity management in the Americas.
IFC’s strategy in Latin America and the Caribbean promotes inclusive economic growth, regional integration, innovation, and business solutions to climate change. In fiscal year 2013 IFC provided a record $6.5 billion to support private sector development in the region, including $1.7 billion mobilized from other investors. IFC also approved new Advisory Services projects for $14.8 million.
“The private sector provides 90 percent of jobs globally, and jobs are a critical pathway out of poverty,” said Prosper. “We had a record year in Latin America and the Caribbean last year, and we can do much more by working with new partners such as Bank of China, who can bring additional expertise and capital to the region.”
IFC’s combined investment portfolio in Latin America and the Caribbean stands at $11.9 billion, with Advisory Services programs worth $80.3 million.
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
About Bank of China
BOC, established in 1912, is the only bank in emerging markets recognized by the Financial Stability Board as a “Globally Systemically Important Financial Institution”. BOC is the most international Chinese bank. BOC-NY was established over 30 years ago. and The America Syndication Loan Center under BOC-NY covers North America, Latin America and the Caribbean. For more information, visit
www.bankofchina.com
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