The World Bank has welcomed the introduction of the Brics’ US$100bn New Development Bank (NDB), launched last week in Brazil.
In a statement to GTR, a spokesperson at the World Bank says that the NDB can contribute significantly to the “infrastructure financing gap” currently seen in developing countries, and that any efforts to generate additional capital to address the developing world’s infrastructure needs should be welcomed by other development banks.
Noor Bank, Qatar Islamic Bank (QIB) and Kuwait’s Warba Bank have successfully closed a US$155mn shariah-compliant receivable-backed syndicated financing facility for a UAE-based Jafza entity.
IFC has approved a US$10mn trade finance facility for Bangladeshi local apparel manufacturer MBM Group, GTR can exclusively reveal.
Pepi Bedi has been appointed head of structured finance at SMBC Europe. He replaces Ian Williams in the position, who has left the bank.
Bank Al Habib from Pakistan is set to cover cross border trade business across Africa from its new base in Seychelles, which will initially commence operation as an offshore bank.
Criminals and tax evaders are using trade as a veil for their illicit activities. Finbarr Bermingham reports on the damage that’s being done, and how banks and companies need to clean up their acts.
Exporters in emerging markets are increasingly adopting forfaiting to boost their working capital so that they can export more – and reduce counterparty risks. Liz Salecka reports.
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