IFC and the Japanese government are joining forces to provide training in trade finance to bankers in the Democratic Republic of Congo. It is hoped that this initiative will help banks improve their trade finance products and better serve small businesses.
“IFC, through its global trade finance programme (GTFP), is helping restore access to trade finance, which has been negatively affected by the global financial crisis,” says Georgina Baker, IFC director for financial markets. “The programme’s training component is vital in helping banks in emerging markets provide trade finance to importers and exporters, particularly small and medium enterprises.”
Japan has provided US$1mn to the IFC GTFP to support training workshops and help local banks in Africa develop trade finance expertise in line with internationally recognised best practices. The government has sought to keep trade flowing during the global financial crisis. Working in close cooperation with IFC, Japan launched a US$1.5bn trade finance initiative in February 2009 to support importers and exporters in developing countries.
In cooperation with the government of Japan, IFC is hosting a seminar in Kinshasa on structuring trade finance transactions, managing trade finance risk, and increasing trade finance product offerings. More than 20 banking professionals from 13 banks across the Democratic Republic of Congo are participating in the seminar, which runs takes place in mid September.
Kiyohiko Ikeda, first secretary, at the embassy of Japan in the Democratic Republic of Congo, adds: “The Japanese government is pleased to work with IFC to support emerging market trade. The seminar in Kinshasa is an important opportunity for local banking professionals to sharpen their knowledge of trade finance to better serve local entrepreneurs and small businesses.”
Since its launch in 2005, the IFC’s GTFP has provided more than US$5.3bn in guarantees to 158 issuing banks in 74 countries and delivered trade finance training courses in more than 50 countries worldwide.
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