Beirut, Lebanon, February 3, 2010—
IFC, a member of the World Bank Group, is holding its first training seminar for Iraqi bankers, helping improve their knowledge of trade finance operations so Iraqis banks are better able to join international trade networks and promote the country’s economic development.
In cooperation with the government of Japan, IFC is hosting a seminar for Iraqi bankers in Beirut, Lebanon, on February 2
– 3, 2010.The event will promote tools for managing risks associated with trade finance products and services and help Iraqi banks join international trade networks. The seminar will include sessions on documentary credit, trade finance rules, guarantee instruments, trade finance-related treasury mechanisms, and applying IFC guarantees to trade finance transactions.
“This training program for Iraqi banks under the IFC Global Trade Finance Program will help private sector banks in Iraq improve their trade finance skills, contributing to the growth of the Iraqi economy,” said Georgina Baker, IFC Director.
The Japanese government has supported IFC’s trade finance initiatives, contributing nearly $2 million for training programs for financial institutions in Asia, the Middle East, and Africa. To date, Japan has supported 12 trade finance training programs in Asia and Africa, training 472 bankers from 66 institutions.
Toru Shikibu, Japanese Executive Director at the World Bank, said, “We are pleased to support the Iraqi banking sector in cooperation with IFC’s Global Trade Finance Program. This training will help Iraqi banks become part of a global trade network and build new relationship between Iraq and other countries, including Japan.”
In the next few months, the Japanese government will support up to nine trade finance training programs in Asia and Africa, including Bangladesh and Mali.
Launched in 2005, the IFC Global Trade Finance Program supports trade with emerging markets worldwide, seeking to increase developing countries’ share of trade and promote cross-border flows of goods and services. The program has provided over $6.5 billion worth of guarantees to 177 issuing banks in 80 countries, and has held 77 training courses reaching 1,775 bankers in over 30 countries.
IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with IBRD, it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries—including by increasing trade finance in the Middle East and North Africa.
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 $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
.
