Karachi, Pakistan, June 9, 2009
—IFC, a member of the World Bank Group, is helping train banks in Pakistan better understand and finance international trade transactions to increase trade with other countries and regions.
IFC conducted a two-day workshop on trade sales in Karachi from June 9 in collaboration with the Institute of Bankers Pakistan for more than 30 institute members and banking professionals. The workshop provided intermediate to advanced training on structuring trade finance transactions, managing trade finance risk, and increasing trade finance products.
The training was conducted by Vincent O’Brien, International Chamber of Commerce Representative to the World Trade Organization and an international expert in trade finance. It was sponsored by IFC’s Global Trade Finance Program, which guarantees bank risk in emerging markets, allowing recipients to expand their trade finance transactions within an extensive network of countries and banks.
Jauhar Ali, Director of the Institute of Bankers Pakistan said, "We feel IFC's support in arranging these world class training sessions for Pakistani bankers is a real value addition in terms of the development of trade professionals."
Nadeem Siddiqui, IFC’s Resident Chief in Islamabad, Pakistan, said, “The workshop was an important opportunity for local banking professionals and members of the Institute of Bankers in Pakistan to sharpen their knowledge of and expertise in trade finance to better serve local entrepreneurs and small businesses, particularly in the wake of severe constraints on financing for trade.”
Since launched in 2005, IFC’s Global Trade Finance Program has provided more than $4.3 billion worth of guarantees globally, $800 million worth of which has been to banks in the Middle East and North Africa, including Pakistan.
IFC’s trade finance exposure in Pakistan has surpassed $220 million during the last nine months of this fiscal year, three times more than fiscal 2008, reflecting IFC’s commitment to promoting private sector development through supporting trade. The program has in Pakistan recently supported power generation, agriculture, machinery, hospital equipment, and the import of more energy efficient equipment.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, please visit
www.ifc.org
.
