Yerevan, Armenia, June 10, 2010—IFC,
a member of the World Bank Group, is helping Armenian bankers improve their
knowledge of trade finance products and operations, enabling local banks
to provide better solutions for their importing and exporting customers
and to tap into international trade networks.
In partnership with the government of
Sweden, IFC has organized a week-long series of training seminars for Armenian
banking professionals involved in trade finance operations and workshops
on using trade finance instruments for the banks’ corporate and small
and medium enterprise clients. About 100 banking professionals and
local businesses participated in the training programs from June 7 to 11.
By transferring international best practices
in trade finance to the local market, the training promotes tools and solutions
for managing risks associated with cross-border trade finance transactions.
“Trade is critical in an economically
integrated world and is a vital tool for private sector development,”
said Mark Rozanski, IFC Trade Finance Regional Head for Europe. “With
this initiative, IFC is investing in trade finance capacity in Armenia
by helping develop skills and expertise for the delivery of trade finance
services at local banks.”
The initiative is led by IFC’s Global
Trade Finance Program. “I am particularly glad that both our existing
partner banks as well as Armenian banks that do not currently participate
in IFC’s trade finance program, could take part in this week of training,”
Launched in 2005, the Global Trade Finance
Program aims to increase developing countries’ share of worldwide trade,
including trade between emerging markets, and facilitates cross-border
flows of vital goods and services. Through the program, IFC provides
guarantees to international banks to cover payment risks related to trade
transactions in emerging markets.
IFC partners with three issuing banks
in Armenia under the Global Trade Finance Program—Ameriabank, Armeconombank,
and Ardshininvestbank. Since its inception, the program has provided
over $7.7 billion worth of guarantees to more than 180 issuing banks in
over 80 countries and has held more than 100 training courses, reaching
over 2,000 bankers in more than 30 countries.
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 capital for private enterprise, 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.