Amman, Jordan, March 23, 2009—IFC,
a member of the World Bank Group, will help banks in countries across the
Middle East improve their ability to understand and finance international
trade deals, strengthening trade in these emerging markets.
IFC organized a three-day training seminar for bank executives in Jordan’s
capital, Amman, during which participants learned about and discussed different
types of international trade finance rules and international guarantee
IFC also trained the executives about the process of applying for financing
under IFC’s Global Trade Finance Program.
Shehzad Sharjeel, Trade Finance Specialist for Middle East & North
Africa Region, said: “ IFC’s Global Trade Finance Program is already
actively utilized by partner banks and with this initiative, we want to
support the capacity building efforts through enhancing trade expertise
of our partner banks which ultimately would support the growth of trade
IFC’s Global Trade Finance Program promotes trade with emerging markets
worldwide by supporting flows of goods and services to and from developing
countries. IFC provides guarantee coverage of bank risk in emerging markets,
allowing recipients to expand their trade finance transactions within an
extensive network of countries and banks.
IFC is already supporting partner banks in Jordan with payment guarantees
against trade obligations. IFC will soon add more partner banks to this
Since launched in 2005, the program has provided more than $3.8 billion
worth of guarantees and within Middle East & North Africa, the program
has provided $663 million worth of guarantees for its partner banks.
IFC is planning to conduct trade finance training seminars in other countries
in the region, including Afghanistan, Iraq, Lebanon, Pakistan, Yemen, and
the West Bank.
IFC, a member of the World Bank Group, fosters sustainable economic growth
in developing countries by financing private sector investment, mobilizing
private capital in local and international financial markets, and providing
advisory and risk mitigation services to businesses and governments. IFC’s
vision is that poor people have the opportunity to escape poverty and improve
their lives. In FY07, IFC committed $8.2 billion and mobilized an additional
$3.9 billion through loan participations and structured finance for 299
investments in 69 developing countries. IFC also provided advisory services
in 97 countries. For more information, visit www.ifc.org.