IFC links up with NDB on Global Trade Finance Program
IFC, the private sector arm of the World Bank Group, said this week that NDB Bank has become the first bank in Sri Lanka to join its Global Trade Finance Program. The program is providing NDB Bank with an $8 million facility.
The Global Trade Finance Program supports trade with emerging markets worldwide and promotes the flow of goods and services between developing countries. IFC provides partial or full guarantees against underlying trade instruments and covers the payment risk of participating issuing banks. The program allows issuing banks, such as NDB Bank, to increase the volume and value of trade transactions, with enhanced tenors and access to competitive pricing terms.
Iyad Malas, Regional Director for IFC, South Asia, said, “The IFC Global Trade Finance Program provides risk coverage in difficult markets and combines global reach and maximum flexibility. It assists trade finance deals by delivering trade solutions through a global network of participating banks.”
Nihal Welikala, Chief Executive Officer at NDB Bank, said, “We are delighted to extend our relationship with IFC through the Global Trade Finance Program. NDB Bank will expand its network of correspondent banks and create new and valuable business opportunities for our clients in Sri Lanka and across the world.”