Nairobi, Kenya, May 24, 2010
—IFC, a member of the World Bank Group, is providing training in trade finance to bankers in East Africa to help banks improve their trade finance products and better serve small businesses.
In cooperation with the government of Japan, IFC in Nairobi, Kenya hosted its 100
th
seminar on structuring trade finance transactions, managing trade finance risk, and increasing trade finance products. Approximately 15 banking professionals from nine banks from the Democratic Republic of Congo, Kenya, and Tanzania participated in the five-day seminar, which ended today.
“Through its Global Trade Finance Program, IFC is helping restore access to trade finance for banks across East Africa,” said Georgina Baker, IFC Director for Financial Markets. “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.”
Japan has provided $1 million to the IFC Global Trade Finance Program to support training workshops and help local banks in Africa develop trade finance expertise in line with internationally recognized best practices. The government has sought to keep trade flowing during the global financial crisis. Working in close cooperation with IFC, Japan launched a $1.5 billion trade finance initiative in February 2009 to support importers and exporters in developing countries.
Established in 2005, the IFC Global Trade Finance Program promotes the expansion of trade between emerging markets, particularly South-South trade. It has provided more than $5.3 billion in guarantees to 158 issuing banks in 74 countries and delivered trade finance training courses in more than 50 countries worldwide.
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
.
