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Washington, D.C., March 19, 2014
—IFC, a member of the World Bank Group, announces that National Commercial Bank Jamaica Limited (NCB) has joined its Global Trade Finance Program to expand its trade finance business in the Caribbean and better serve small and medium enterprises.
“NCB executed its first transaction under the Global Trade Finance Program in February 2014, accessing US$16 million in trade funding for its customers,” said Septimus Blake, NCB Senior General Manager. “This facility will provide access to a global network of confirming banks, facilitate transactions where trade lines are limited, and reduce the need for cash collateral.”
NCB supports the trade finance needs of companies in Jamaica for a wide range of exports, including bauxite, alumina, and coffee, as well as imports such as cars, machinery, and construction equipment. By joining IFC’s trade program as an issuing bank, NCB will be able to offer more trade finance solutions to small and medium enterprises.
“IFC welcomes NCB to its Global Trade Finance Program,” said Rajeev Gopal, IFC Resident Representative for Jamaica and Belize. “This shows IFC’s efforts to provide integrated solutions for financing importers and exporters, and our institution’s commitment to strengthen and foster the development of Jamaica’s financial market.”
IFC’s Global Trade Finance Program supports trade in emerging markets by providing partial or full guarantees for individual trade transactions through an effective mitigation instrument, the IFC’s triple-A credit rating. The program opens doors for local banks that face limits due to their size, their network of correspondent banks, or the political risk in their countries
IFC’s Global Trade Finance Program has issued more than US$7.5 billion dollars in guarantees to facilitate trade flows in Latin America and the Caribbean since the program began in the region in 2006. IFC’s network includes 65 issuing banks in 21 Latin American and the Caribbean countries. Nearly 70 percent of the guarantees issued benefited local small and midsize businesses and supported interregional trade flows among emerging-market nations. The program has issued more than $26 billion in guarantees worldwide.
For more information about the program, contact Antonio Alves, Senior Regional Head of Short Term Finance for Latin America and the Caribbean, at
Aalves1@ifc.org
, or visit
www.ifc.org/gtfp
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 National Commercial Bank Jamaica Limited
National Commercial Bank Jamaica Limited is Jamaica’s largest indigenous financial services institution with over 175 years of experience in the industry. With several local and international awards and recognitions, NCB stands as a market leader - #1 in Total Assets and #1 in Net Loans; and continues to meet the needs of individuals, families, entrepreneurs, professionals and companies; through its diversified and unique suite of products and services, extensive branch network and convenient eBanking platform. For more information, visit
https://www.jncb.com/
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