WASHINGTON, December 15, 2021—IFC, a member of the World Bank Group, announced the winners of its 10th Global Trade Awards, which recognize the most successful banks that have been active under IFC's trade finance programs in the past year.
The Trade Awards include the Best Issuing and Confirming Banks in each region, with multiple categories such as the Best Trade Operations Bank, Best Bank for Climate Trade, Best Bank for SMEs, Best Bank for Women in Trade, Best Bank in Fragile Countries, Best Digital Bank, and Bank for Equipment Trade, among others. Banks also received global awards, including the Best Confirming Bank, Best Trade Finance Portfolio Bank, Best Trade Finance Innovation Bank, and Best Frontier Market Confirming Bank.
The 48 winners were selected, based on a competitive process, from the total network of over 500 partner banks.
"Congratulations to the winners, whose continued support and partnership have helped to create markets in emerging markets. IFC recognizes each of them and values the network of partners that support trade in developing countries." said Nathalie Louat, IFC's Director of Trade & Supply Chain Finance, Financial Institutions Group. "On November 29, 2021, IFC has announced a joint statement with WTO to commit to conducting the country level trade finance gap study as well as strengthening the capacity building programs that IFC is currently delivering with WTO in developing economies. IFC hopes to further assist emerging markets banks in growing their trade finance delivery capacity to revive local economies."
IFC has committed more than US$74 billion of trade finance to date. In fiscal year 2021, about US$4.2 billion in trade finance transactions were committed in lower income and fragile countries through its Global Trade Finance Program (GTFP), which is about 68% of the Program's total commitments.
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC invested US$31.5 billion in long-term and short-term finance, including US$10.8 billion mobilized from other investors, in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.
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