IFC and Japan Train African Banks to Strengthen Trade Finance
In Washington, D.C.:
Lotte Pang
Phone: + 1 202 458 0952
E-mail: LPang@ifc.org
Kampala, Uganda, May 29, 2009—IFC,
a member of the World Bank Group, with support of the Japanese government,
has organized trade finance training for banks in Africa to help them better
assist local entrepreneurs and small businesses amid turmoil in global
financial markets.
The five-day seminar, held in Kampala on May 25 through 29, promoted tools
for managing risks associated with trade finance products and services.
It also facilitated agreements between local banks that focus on international
trade.
“We are pleased to support the African banking sector in cooperation with
IFC Global Trade Finance Program and delighted that this training is helping
local banks enhance trade between Uganda and other countries including
Japan, especially during this difficult economic period,” said Toshinori
Doi, Director at Japan’s Ministry of Finance.
Georgina Baker, IFC Director for Financial Markets, said, “Our mandate
as part the IFC Global Trade Finance Program is to upgrade the trade finance
operational skills of local banks, especially in Africa. This advisory
services program will enable us to have a greater development impact in
the region.”
The Japanese government has been active in supporting continued trade flows
during the global financial crisis. In February 2009, Japan launched a
$1.5 billion trade finance initiative in close cooperation with IFC to
help importers and exporters in developing countries. Japan has also contributed
$1 million to help IFC provide the trade finance training held in Uganda
and other African countries, including Kenya.
Launched in 2005, the IFC Global Trade Finance Program supports trade with
emerging markets worldwide. It aims to increase developing countries’
share of global trade and promote South-South flows of goods and services.
Globally, the program has provided more than $4.3 billion worth of guarantees
to 152 issuing banks in 70 countries, where more than 74 percent are issued
for small and medium enterprises. It has also delivered more than 50 trade
finance training courses reaching 1,171 bankers from more than 50 countries
worldwide.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing private capital, and providing advisory and risk mitigation
services to businesses and governments. Our new investments totaled $16.2
billion in fiscal 2008, a 34 percent increase over the previous year. For
more information, visit www.ifc.org.
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