Port-au-Prince, February 20, 2008—IFC,
a member of the World Bank Group, is looking to further expand its Global
Trade Finance Program in Haiti and the francophone countries in the Caribbean
to help local banks grow their trade finance operations.
IFC will host a three-day training seminar in Haiti, targeting high-level
officials from regional banks that focus on international trade. The objective
is to promote tools for managing risk associated with trade finance products
and services, as well as to foster commercial linkages that help establish
agreements among banks in the region.
Given that most Caribbean islands rely heavily on imports, the IFC Global
Trade Finance Program can be an important catalyst to help local banks
expand their operations in the trade finance sector. The program provides
access to a network of over 115 confirming banks, which allows local importers
to reach other export markets.
The IFC seminar in Haiti was designed in collaboration with Group Croissance.
Participants will analyze sovereign risk in trade finance transactions,
learn about the different kinds of international documentary credit and
their use and benefits, explore international trade finance rules, gain
knowledge of the different international guarantee instruments, and become
familiar with the process of applying the IFC guarantee to the different
financing structures in trade finance, under the Global Trade Finance Program.
Participants will represent 6 banks from the region, including: BUH, Unibank,
CFI, Sogebank, BRH, BPH.
Launched in 2005, the IFC Global Trade Finance Program supports trade with
the emerging markets worldwide. It aims to increase developing countries’
share of global trade and promote South-South flows of goods and services.
The program provides trade guarantees to banks in over 70 countries.
In Latin America and the Caribbean, IFC has issued guarantees for
$426 million, which constitutes 28 percent of the guarantees issued worldwide,
a total of $1.5 billion. In the Caribbean, Banco Leon in the Dominican
Republic and Capital Bank in Haiti have already joined the program.
IFC also looks to develop its advisory services for the program, an integral
component that is designed to help participating banks build their capacity
in trade finance and international trade operations.
On November 2007, IFC received the Best Multilateral of the Year Award
from Latin Finance magazine. In 2006, IFC’s Global Trade Finance
Program received Trade Finance magazine’s Best Development Bank
in Trade award.
For more information, visit www.ifc.org/gtfp.
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 poor people 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 loan participations 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