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IFC and State Bank of Mauritius to Promote Trade


In Antananarivo:
Erick Rabemananoro

Phone: +261 20 22 560 00

Email:
erabemananoro@worldbank.org  

In Johannesburg:

Houtan Bassiri

Phone: +27 11 731 3179

Email:
hbassiri@ifc.org


Port-Louis, June 15, 2009—IFC, a member of the World Bank Group, announced today that it will work with State Bank of Mauritius to increase Mauritius’s share of global trade, an important contributor to the country’s economic growth.

Under its Global Trade Finance Program, IFC will issue guarantees to support SBM’s trade confirmation transactions. The program aims to mitigate bank risks in emerging markets and help banks to expand their global trade network.


“The partnership between State Bank of Mauritius and IFC goes hand in hand with our strategy to pursue an international diversification strategy while consolidating domestic business. Working with IFC will enable SBM to better support clients amid the current economic crisis and become, more than ever, a key player in financing trade and development in Mauritius and abroad,” said Sunil Ramgobin, Divisional Leader Corporate, International & Investment Banking of the State Bank of Mauritius.


“Active and strong trade ties help generate economic growth, stimulate regional integration, and reduce poverty,” said IFC Country Manager Aida Der Hovanessian. “IFC is committed to supporting financial institutions and helping further integrate Mauritius into the global economy.”


IFC’s strategy in Mauritius focuses primarily on developing local capital markets. IFC also aims to participate in the development of infrastructure facilities, promote investments in key economic sectors such as health, education, and information technology, and enhance the business environment.



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 $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit
www.ifc.org.

About SBM

The State Bank of Mauritius Ltd (SBM) Group is today a leading Financial Services Group with an international presence. Its range of financial services include: retail and corporate banking, fiduciary services, treasury, eBusiness, lease, stockbroking, and asset management. SBM started operations in 1973 and was listed on the Stock Exchange of Mauritius (SEM) on June 30, 1995. Innovation, flexibility, accessibility and reliability are the key attributes that have contributed to the Group’s reputation and trustworthiness. A major financial institution belonging to around 16,500 shareholders, including domestic and international investors, SBM employs over 1,000 staff and services over 340,000 customers through its network of 49 service units and counters, not only in Mauritius but also in India and Madagascar. For more information, visit
www.sbmonline.com.