The International Finance Corporation (IFC), a member of the World Bank Group, organized in Port-au-Prince from 22 to 26 April 2013, a 5-days training program, for 19 bankers in Haiti, from 3 banks, in order to help them to develop their trade finance operations, reduce risks and better serve small and medium enterprises, which are the backbone of Haiti’s economy.
Through its advisory services, IFC provides banks and other financial institutions with training and support to improve their skills in structuring basic and complex trade finance transactions and improve their techniques for mitigating trade finance risk. The training also seeks to upgrade the operational and technical skills of their trade finance back offices, and transfer current international best practices in trade finance to local markets.
This advisory program is part of IFC’s Global Trade Finance Program, which was established in 2005 to promote trade between emerging markets, increase developing countries’ share of global trade, and support the flow of goods and services between these countries. Since its inception, nearly 500 bankers from 20 countries have benefited from the training courses in Latin America and the Caribbean.
“IFC’s Global Trade Finance Program links more than 500 participating confirming and issuing banks – including 61 issuing banks in Latin America and the Caribbean – into a global network that expands access to finance for key productive sectors,” said Georgina Baker, IFC’s Director of Global Trade and Supply Chain Solutions. “Providing training is an important part of the program’s efforts to help banks in emerging markets provide trade finance to importers and exporters, particularly small and medium enterprises. The bottom line is to empower local banks to take on larger trade deals.”
IFC’s Global Trade Finance Program offers confirming banks partial or full guarantees on payment obligations in the emerging markets for trade-related transactions and its advisory program is designed to help local banks build their trade finance capacity.
“IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges.”