Washington, DC, October 4, 2005—The
International Finance Corporation today announced that three Nigerian banks
have become the first in Africa to join its Global Trade Finance Program.
The banks are Guarantee Trust Nigeria, Diamond Bank, and Investment Banking
& Trust Company Plc.
The Global Trade Finance Program supports trade with emerging markets worldwide
by promoting flows of goods and services between 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 and to enhance their trade finance coverage.
Richard Ranken, IFC’s director of Sub-Saharan Africa, said, ”The program
aims to open trade channels and provide working capital liquidity for small
and medium exporters and importers with a primary target in Africa as well
as other challenging markets in Latin America and Asia.”
Jyrki Koskelo, IFC’s director of Global Financial Markets, said, "The
International Finance Corporation's Global Trade Finance Program allows
issuing banks to increase the volume and value of trade transactions with
enhanced tenors and competitive pricing terms as well as access to a global
network of confirming banks.“
The International Finance Corporation, the private sector arm of the World
Bank Group, is headquartered in Washington, D.C. IFC coordinates
its activities with the other institutions of the World Bank Group but
is legally and financially independent. Its 178 member countries
provide its share capital and collectively determine its policies.
The mission of IFC is to promote sustainable private sector investment
in developing and transition countries, helping to reduce poverty and improve
people’s lives. IFC finances private sector investments in the developing
world, mobilizes capital in the international financial markets, helps
clients improve social and environmental sustainability, and provides technical
assistance and advice to governments and businesses. From its founding
in 1956 through FY05, IFC has committed more than $49 billion of its own
funds and arranged $24 billion in syndications for 3,319 companies in 140
developing countries. For more information, visit www.ifc.org.