press releaseCairo — IFC, a member of the World Bank Group, invested $839 million over the last fiscal year to help banks extend trade financing for their clients, boosting cross border trade and spurring economic development. 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. "Supporting cross-border trade is a priority for IFC in MENA," said Mouayed Makhlouf, IFC Regional Director for the Middle East and North Africa. "Linking local markets with global economies can help foster economic growth and drive development." Over the years, IFC's Global Trade Finance Program (GTFP) has been engaged in the low-income economies classified as International Development Association (IDA) countries and Fragile and Conflict-Affected States (FCS).

Source: The North Africa Journal August 15, 2016 12:11 UTC