Ho Chi Minh City, Vietnam, March 30, 2009— This is the second time that IFC, a member of the World Bank Group and the Government of Japan are organizing a trade finance training in Vietnam to support banks to learn how to mitigate risks associated with trade finance, which could improve the banks’ ability to assist local entrepreneurs and small businesses amid turmoil in global financial markets.
In cooperation with the government of Japan, IFC is hosting a 5 day seminar in Ho Chi Minh City, Vietnam starting on Monday March 30. The event will promote tools for managing risks associated with trade finance products and services, and it will facilitate agreements between local banks that focus on international trade.
Mr. Tomohiro Fujiyama, First Secretary at the Embassy of Japan in Hanoi, said, “We are pleased to support Vietnamese banking sector in cooperation with IFC Global Trade Finance Program. This second training in Vietnam will help local banks reinforce relationships and enhance trade between Vietnam and other countries including Japan during this difficult economic period.”
The Japanese Government has been extremely active in supporting continued trade flows during the crisis. In February, the Japanese Government has launched a $1 billion Trade Finance initiative in close cooperation with IFC to help importers and exporters in developing countries.
Additionally, the Japanese government has recently contributed $1million to help IFC provide training for African financial institutions to structure trade finance transactions during this economic crisis
In the next few months, the Japanese Government will support trade finance programs in Iraq and Afghanistan.
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 $3.9 billion worth of guarantees to 143 issuing banks in 68 countries, where more than 74 percent are issued for small and medium enterprises. It has also delivered 50 trade finance training courses reaching 823 bankers from more than 47 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.
In Washington, D.C.
Lotte Pang
Phone: + 1 202 458 0952
E-mail: LPang@ifc.org
