Washington, DC, October 21, 2013—IFC,
a member of the World Bank Group, and Bank of China-NY will pursue greater
strategic cooperation in the areas of trade finance, liquidity management
and syndications in the Americas.
Some areas of collaboration will include
participation by Bank of China-NY (BOC-NY) in IFC syndicated loans in the
region, as well as targeted investments by BOC-NY in IFC initiatives such
as the Critical Commodities Finance Program and the Global Trade Finance
The partnership was formalized on October
11 through a Memorandum of Understanding for Strategic Cooperation signed
by Jean Philippe Prosper, IFC Vice President for Latin America and the
Caribbean and Sub-Saharan Africa, and Shiqiang Wu, President of BOC-NY.
IFC Executive Vice President and CEO Jin-yong Cai and BOC Chairman of the
Board of Supervisors Jun Li witnessed the signing.
By partnering with IFC, BOC-NY will
expand its client base, diversify its products and services and enhance
country risk control and liquidity management in the Americas.
IFC’s strategy in Latin America and
the Caribbean promotes inclusive economic growth, regional integration,
innovation, and business solutions to climate change. In fiscal year 2013
IFC provided a record $6.5 billion to support private sector development
in the region, including $1.7 billion mobilized from other investors. IFC
also approved new Advisory Services projects for $14.8 million.
“The private sector provides 90 percent
of jobs globally, and jobs are a critical pathway out of poverty,” said
Prosper. “We had a record year in Latin America and the Caribbean last
year, and we can do much more by working with new partners such as Bank
of China, who can bring additional expertise and capital to the region.”
IFC’s combined investment portfolio
in Latin America and the Caribbean stands at $11.9 billion, with Advisory
Services programs worth $80.3 million.
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. Working with private enterprises in more than 100 countries,
we use our capital, expertise, and influence to help eliminate extreme
poverty and promote shared prosperity. In FY13, our investments climbed
to an all-time high of nearly $25 billion, leveraging the power of the
private sector to create jobs and tackle the world’s most pressing development
challenges. For more information, visit www.ifc.org
About Bank of China
BOC, established in 1912, is
the only bank in emerging markets recognized by the Financial Stability
Board as a “Globally Systemically Important Financial Institution”. BOC
is the most international Chinese bank. BOC-NY was established over 30
years ago. and The America Syndication Loan Center under BOC-NY covers
North America, Latin America and the Caribbean. For more information, visit