Accra, Ghana, May 13, 2013—IFC, a member
of the World Bank Group, today announced that it will provide a $10 million
trade finance facility to Ghana’s HFC Bank under the Global Trade Finance
Program. It will allow HFC Bank to establish working partnerships with
a large number of major international and regional confirming banks in
the program, thus broadening access to finance in Ghana and helping grow
Under the transaction signed today, IFC's
Global Trade Finance Program will guarantee the trade-related payment obligations
of HFC Bank. By tapping the risk mitigation provided by the GTFP, HFC Bank
will be able to enhance its global reach, and gain familiarity in new markets.
It is the first time IFC has provided financing to HFC Bank.
Asare Akuffo, the Managing Director of HFC
Bank, said, “Our new partnership with IFC will allow HFC Bank to better
meet the needs of our clients and support their trade activities. Access
to finance supporting trade will help our clients expand their businesses.”
Jean Philippe Prosper, IFC Vice President
for Sub-Saharan Africa and Latin America and the Caribbean, said, “IFC
is committed to providing competitive financial products, especially to
intermediaries like HFC Bank that can reach smaller and medium-sized businesses.
Ghana’s increasing trade requires banks that can expand services to a
wider range of clients and play a bigger role in the country’s rapid economic
The GTFP extends and complements the capacity
of banks to deliver trade finance by providing risk mitigation on a per-transaction
basis in challenging markets where trade lines may be limited. GTFP has
a global mandate, dedicated trade specialists, and over 250 banks as part
of its network.
HFC Bank (Ghana) Limited is a publicly listed
company on the Ghana Stock Exchange, and currently operates out of 26 fully
networked branches in the Greater Accra, Ashanti, Brong Ahafo, Northern,
Eastern, Central and Western Regions and through a network of 30 automatic
teller machines. HFC Bank (Ghana) Limited currently provides a wide range
of universal banking services namely: mortgage banking, commercial banking,
investment banking, real estate services, microfinance operations and private
equity/venture capital fund management. The Bank is one of the leading
mortgage providers in Ghana.
IFC, a member of the World
Bank Group, is the largest global development institution focused exclusively
on the private sector. We help developing countries achieve sustainable
growth by financing investment, mobilizing capital in international financial
markets, and providing advisory services to businesses and governments.
In FY12, our investments reached an all-time high of more than $20 billion,
leveraging the power of the private sector to create jobs, spark innovation,
and tackle the world’s most pressing development challenges. For more
information, visit www.ifc.org.