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.
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.