Amman, Jordan, March 23, 2009
—IFC, a member of the World Bank Group, will help banks in countries across the Middle East improve their ability to understand and finance international trade deals, strengthening trade in these emerging markets.
IFC organized a three-day training seminar for bank executives in Jordan’s capital, Amman, during which participants learned about and discussed different types of international trade finance rules and international guarantee instruments.
IFC also trained the executives about the process of applying for financing under IFC’s Global Trade Finance Program.
Shehzad Sharjeel, Trade Finance Specialist for Middle East & North Africa Region, said: “ IFC’s Global Trade Finance Program is already actively utilized by partner banks and with this initiative, we want to support the capacity building efforts through enhancing trade expertise of our partner banks which ultimately would support the growth of trade business.”
IFC’s Global Trade Finance Program promotes trade with emerging markets worldwide by supporting flows of goods and services to and from 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.
IFC is already supporting partner banks in Jordan with payment guarantees against trade obligations. IFC will soon add more partner banks to this program..
Since launched in 2005, the program has provided more than $3.8 billion worth of guarantees and within Middle East & North Africa, the program has provided $663 million worth of guarantees for its partner banks.
IFC is planning to conduct trade finance training seminars in other countries in the region, including Afghanistan, Iraq, Lebanon, Pakistan, Yemen, and the West Bank.
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that poor people have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through loan participations and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit
www.ifc.org
.
