IFC, the private sector arm of the World Bank Group, has announced that Capital Bank is the first issuing bank in Haiti to join its Global Trade Finance Program. The programme will allow the bank to increase its trade import finance activities, helping more local businesses grow and compete in the international marketplace.

This will also help the bank provide clients with access to markets across the region through the programme’s network.

The Global Trade Finance Program promotes trade with emerging markets worldwide by supporting flows of goods and services to and from developing countries. Through the program, IFC provides guarantee coverage of bank risk in emerging markets, allowing recipients to expand their trade finance transactions within an extensive network of countries and banks and to enhance their trade finance coverage.

IFC is supporting the Haitian government’s development policy of promoting economic growth and improving access to high-quality basic services, particularly for the most vulnerable people.

IFC also focuses on helping establish the basis for a sound business-enabling environment. Access to finance is another key area that IFC is looking to develop, as well as support for micro and small and medium enterprises. Since 2000, IFC made four investments and one advisory operation in Haiti in support of microfinance, textiles, electricity, and the telecommunications sector.

IFC clients in Haiti include Digicel Haiti and Codevi textiles zone in the town of Ouanaminthe.