Abidjan, Cote d’Ivoire, Nov. 1, 2011 –
IFC, a member of the World Bank Group, and the Government of Japan are providing training in trade finance this week to bankers from Cote d’Ivoire, Senegal, Benin, Togo, Congo Republic, Gabon, Central Africa Republic, Niger and Burkina Faso to help them improve their trade finance operations, reduce risks, and better serve small and medium businesses in their country.
This training is part of IFC’s Global Trade Finance Program, established in 2005, to promote trade flows between emerging markets, increase developing countries’ share of global trade, and support the flow of goods and services between these countries.
Twenty-nine bankers from 17 banks in nine African countries are participating in a five-day training session in Abidjan from October 31 to November 4. The week-long training is the first held in Cote d’Ivoire by IFC’s Global Trade Finance Program. This course covers the main aspects of trade finance and then focuses on systematic approach to achieving a well controlled and cost-effective trade back office of international standard.
Georgina Baker, IFC Director Short Term Finance, said, “Through its Global Trade Finance Program, IFC is supporting increased trade in Africa. Providing training is an important part of the program’s efforts to help banks in emerging markets provide trade finance to importers and exporters, particularly small and medium enterprises.”
Mr. Tokuwaka, the “Responsable de la Cooperation Economique” at the Embassy of Japan in Cote d’Ivoire, said, “Japan, in partnership with IFC, welcomes the Global Trade Finance Program’s training seminars, which encourage capacity building in Africa and contributes to its sustainable development.”
IFC’s Global Trade Finance Program offers participating banks partial or full guarantees on payment obligations in emerging markets for trade-related transactions. IFC’s trade advisory program is an integral component of this larger program and is designed to help local banks build their trade finance capacity.
The advisory program provides banks and other financial institutions with training and support to upgrade their skills in structuring basic and complex trade finance transactions, improve their techniques for mitigating trade finance risk, upgrade the operational and technical skills of their trade finance back offices, and transfer current international best practices in trade finance to local markets.
In Africa, more than 1000 bankers from 26 countries have benefited from 80 IFC trade finance training courses since 2006.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal year 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
.
About the Government of Japan
Japan is determined to contribute to the development of Africa. Our commitment was demonstrated in launching the TICAD process, through which Japan has promoted the principles of both global partnership and African ownership. The Government of Japan announced in the Yokahama Action Plan in TICAD IV its intention to double ODA to Africa by 2012. For more information, visit
www.ticad.net
.
