The Japanese government, together with the IFC, has organised 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 from May 25 – 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.
The Japanese government has been active in supporting continued trade flows during the global financial crisis. In February 2009, Japan launched a US$1.5bn trade finance initiative in close cooperation with IFC to help importers and exporters in developing countries. Japan has also contributed US$1mn to help IFC provide the trade finance training held in Uganda and other African countries, including Kenya.
“We are pleased to support the African banking sector in cooperation with the IFC global trade finance programme and delighted that this training is helping local banks enhance trade between Uganda and other countries including Japan, especially during this difficult economic period,” says Toshinori Doi, director at Japan’s ministry of finance.
Georgina Baker, IFC director for financial markets, comments, “Our mandate as part the IFC global trade finance programme is to upgrade the trade finance operational skills of local banks, especially in Africa. This advisory services programme will enable us to have a greater development impact in the region.”
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