Washington, DC, October 4, 2005—
The International Finance Corporation today announced that three Nigerian banks have become the first in Africa to join its Global Trade Finance Program. The banks are Guarantee Trust Nigeria, Diamond Bank, and Investment Banking & Trust Company Plc.
The Global Trade Finance Program supports trade with emerging markets worldwide by promoting flows of goods and services between developing countries. IFC provides guarantee coverage of bank risk in emerging markets, allowing recipients to expand their trade finance transactions within an extensive network of countries and banks and to enhance their trade finance coverage.
Richard Ranken, IFC’s director of Sub-Saharan Africa, said, ”The program aims to open trade channels and provide working capital liquidity for small and medium exporters and importers with a primary target in Africa as well as other challenging markets in Latin America and Asia.”
Jyrki Koskelo, IFC’s director of Global Financial Markets, said, "The International Finance Corporation's Global Trade Finance Program allows issuing banks to increase the volume and value of trade transactions with enhanced tenors and competitive pricing terms as well as access to a global network of confirming banks.“
The International Finance Corporation, the private sector arm of the World Bank Group, is headquartered in Washington, D.C. IFC coordinates its activities with the other institutions of the World Bank Group but is legally and financially independent. Its 178 member countries provide its share capital and collectively determine its policies.
The mission of IFC is to promote sustainable private sector investment in developing and transition countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through FY05, IFC has committed more than $49 billion of its own funds and arranged $24 billion in syndications for 3,319 companies in 140 developing countries. For more information, visit
www.ifc.org
.
