Paris, France, April 24, 2008—IFC,
a member of the World Bank Group, announced today that MediCapital Bank
has joined the IFC Global Trade Finance Program as a confirming bank. As
part of the program’s network of participating banks, MediCapital will
offer improved access to trade finance for private sector businesses. MediCapital
Bank, a London-based bank, is wholly owned by Morocco’s Banque Marocaine
du Commerce Exterieur and focuses on Sub-Saharan Africa.
IFC’s program supports trade with emerging markets worldwide and promotes
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.
“We are pleased to be working with IFC and to be a participant in this
program, which actively promotes global trade, in particular in Africa
and the Middle East,” said Eric Aouani, Chief Executive Officer of MediCapital
Georgina Baker, IFC Director, Global Financial Markets, said, “The IFC
Global Trade Finance Program will allow MediCapital Bank to extend its
reach in Sub-Saharan Africa and will facilitate broader risk coverage for
challenging trade transactions.”
In 2007 the IFC Global Trade Finance Program doubled the volume of guarantees
it issued and the number of participating banks and countries covered.
In March 2008, the program reached a milestone of $2 billion worth of guarantees
issued since its launch in September 2005, representing 2,500 individual
trades. Today over 200 banks can work with one another to facilitate trade
flows between challenging markets. The program continues to benefit entrepreneurs
with the least access to finance: 50 percent of the guarantees issued to
date have supported trade in the poorest countries. The median size of
a guarantee is under $250,000, thus boosting trade between small businesses.
IFC also provides advisory services and training aimed to help banks build
capacity and improve their trade finance and trade operations. IFC’s program
has reached over 170 banks through training courses in Cameroon, Ethiopia,
Ghana, Liberia, Kenya, Mexico, Nicaragua, Rwanda, Senegal, Sierra Leone,
South Africa, and Trinidad and Tobago.
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 people should 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 syndications 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.
About MediCapital Bank
MediCapital Bank is a recently established British bank,
authorized by the Financial Services Authority that provides international
institutions and investors with access to a wide range of growth opportunities
in Africa. It also provides corporate Africa with access to international
capital markets and high-quality financial expertise. Primarily it originates
private sector deals that are below the threshold of international
investment banks and beyond the scope of local banks. MediCapital
Bank is a full-service investment and wholesale bank with an international
network in Europe and Africa. As part of Morocco’s leading private sector
banking group, Banque Marocaine du Commerce Extérieur, MediCapital Bank
provides an on-the-ground network of offices in 15 countries across Africa.
BMCE Bank recently strengthened its African footprint by a strategic investment
in the Bank of Africa Group, headquartered in Luxembourg, with banking
operations in eleven African countries.