Maltese bank Fimbank has received a US$30mn loan from the International Finance Corporation (IFC).

Fimbank will use the loan to provide trade finance to companies involved in the import and export of food, consumer goods and machinery. Specifically, the finance will be available to companies trading between Europe, the Middle East and Africa.

The loan comes as part of the IFC’s global trade liquidity programme, which is designed to encourage commercial banks to provide trade finance to local importers and exporters. “Expanding trade finance is a key element of the IFC’s strategy in the region,” says Aftab Ahmed, the bank’s financial markets director for Europe, the Middle East, and North Africa. “With easy and affordable access to trade finance, local entrepreneurs can reach new markets, grow their businesses, and hire more employees.”

Margrith Lütschg-Emmenegger, Fimbank’s president, says: “The support of partners such as the IFC signals an important vote of confidence in the Fimbank Group and its activities. We will continue to contribute to generate trade by increasing trade finance opportunities which increases development within these emerging economies.”