Abu Dhabi bank joins GTFP

Abu Dhabi bank joins GTFP

Abu Dhabi-based Union National Bank (UNB) is the latest bank to join the IFC’s global trade finance programme (GTFP).

Mona Zein Eldin senior vice-president and head of financial institutions and structured finance at UNB, says: “Joining the IFC’s GTFP would allow UNB to expand its geographic coverage into markets, which it has previously shunned, and thus promoting growth in trade flows in addition to expanding the scope of services extended to our clients.”

The IFC has recently increased its GTFP capacity by taking out a US$532mn trade credit insurance policy to increase its business with small and midsize firms in emerging markets.