the corporation said that in fiscal year 2016, it signed three trade financing agreements with leading banks in MENA to help their clients access international markets and import critical commodities, including raw materials, pharmaceuticals, fertilizers, spare parts, and capital goods. “The three banks, in addition to another 29 banks in MENA, are part of IFC’s Global Trade Finance Program (GTFP), which offers global and regional banks guarantees covering payment risk against letters of credit and other trade-related transactions. The $5 billion program extends and complements the capacity of banks to deliver trade financing by providing risk mitigation in new or challenging markets where trade lines may be constrained. The facility also offers our partner banks access to trade funding for post-shipment finance to their clients. “Supporting cross-border trade is a priority for IFC in MENA,” said Mouayed Makhlouf, IFC Regional Director for the Middle East and North Africa.

Source: The North Africa Journal August 16, 2016 04:41 UTC