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One year on...
01 October 2006
Trade Finance talks to Georgina Baker, senior manager, global financial markets at the International Finance Corporation about the success of the Global Trade Finance Programme as it celebrates its first anniversary.
The IFC has a mandate to build and develop economies and one way it tackles this by focussing on building up the SME sector. Supporting SMEs means supporting the manufacturing base and helping economies diversify away from purely exporting raw materials by developing value-added processed products.
The GTFP is crucial to this process in that it takes risks on local banks and supports a bank's work with an OECD confirming bank signed up to the programme. The aim of the IFC is not to compete, but to be complementary. For example Citigroup, in terms of dollar volume, is the largest confirming bank to date in the programme and IFC works closely with it on the projects in Nigeria among other places.
Approximately 80% of what the IFC has done so far with the GTFP is in support of SMEs, and amounts less than $1 million. The programme is not limited...
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