The International Finance Corporation (IFC) has announced that Banque Libano-Franaise SAL has become the first bank in Lebanon to join its Global Trade Finance Program. Banque Libano-Franaise is one of the leading private commercial banks in the country.
The Global Trade Finance Program supports trade with emerging markets worldwide and promotes the flow of goods and services between developing countries. 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.
Michael Essex, IFC’s acting director for the Middle East and North Africa, says, “IFC’s Global Trade Finance Program will support Banque Libano-Franaise’s expanding trade finance business. The increasing number of participant banks in the program paves the way for countries like Lebanon to increase their share of global trade through this wide network of correspondent banks.”
IFC’s Global Trade Finance Program offers confirming banks partial or full guarantees against underlying trade instruments and covers the payment risk of participating issuing banks. The program allows issuing banks to increase the volume and value of trade transactions with enhanced tenors and access to competitive pricing terms.
Farid Rapha Banque Libano-Franaise SAL’s chairman and general manager, adds,“Banque Libano-Franaise has always been a pioneer in financing the private sector in Lebanon. By joining IFC’s Global Trade Finance Program, we will expand once again our network of correspondent banks, which creates new opportunities for our clients.”
IFC’s first engagement with Banque Libano-Franaise was in 1996 with an eight-year credit line for industrial and housing loans for Lebanese private sector businesses and individuals.