São Tomé, São Tomé and Príncipe, March 9, 2011 –
IFC, a member of the World Bank Group, and the Government of Japan are providing training in trade finance to bankers from São Tomé and Príncipe to help them improve their trade finance operations, reduce risks, and better serve small and medium businesses in the 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.
Eighteen bankers from seven banks in the country are participating in a five-day training session in São Tomé from March 7 to March 11. The week-long training is the second held in São Tomé by IFC’s Global Trade Finance Program. This course covers all aspects of trade finance, including the methods of payment in trade, giving participants a good understanding of all trade products.
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.”
Ms. Yasuë Miyanaka, Attachée Politique et Economique at the Embassy of Japan in Gabon, said, “Japan, in partnership with IFC, welcomes the Global Trade Finance Program’s training seminars, which encourage capacity building in Africa, contributing to its sustainable development.”
IFC’s Global Trade Finance Program offers confirming banks partial or full guarantees on payment obligations in the 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 64 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 create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. 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
.
