Exim Bank joins IFC's Global Trade Finance Programme
Wednesday, 27 June 2007
FE Report
The International Finance Corporation (IFC), the private sector arm of the World Bank, Tuesday announced that Export Import Bank of Bangladesh Limited (Exim Bank) was joining its Global Trade Finance Programme.
The IFC is providing Exim Bank with a facility of up to US$5.0 million under the programme. The IFC is offering such to an Islamic bank in Bangladesh for the first time, a press statement said.
IFC Regional Director for South Asia Paolo Martelli noted: "In Bangladesh, where the Muslim population exceeds 88 per cent, Islamic banking is expected to increase its foothold significantly in coming years. Better regulations and risk management tools are expected to gradually improve the operating environment for Islamic banks."
The IFC's support to Exim Bank fits well with its strategy to partner with financial institutions and banks that are committed to developing the country's corporate and small and medium enterprise sectors.
The IFC's Global Trade Finance Programme will provide Exim Bank with risk coverage in a difficult market and a global network that will help grow its trade finance business. This paves the way for countries like Bangladesh to increase their share of global trade.
Managing Director of Exim Bank Kazi Masihur Rahman welcomed the partnership, saying: "We are delighted to establish our relationship with the IFC through its Global Trade Finance Programme. IFC's support will help us create new and valuable business opportunities for our clients in Bangladesh and around the world."
The IFC Global Trade Finance Programme supports trade with emerging markets worldwide and promotes the flow of goods and services between developing countries, the statement added.
IFC Country Manager for Bangladesh, Bhutan, and Nepal Per Kjellerhaug said: "The Global Trade Finance Programme is one good example of the many products IFC offers to help develop a sector. It is an important mechanism to get local banks into an active global network that facilitates transactions in challenging markets, promotes competitive financing, and builds correspondent bank relationships with new institutions on a low-risk basis."
The International Finance Corporation (IFC), the private sector arm of the World Bank, Tuesday announced that Export Import Bank of Bangladesh Limited (Exim Bank) was joining its Global Trade Finance Programme.
The IFC is providing Exim Bank with a facility of up to US$5.0 million under the programme. The IFC is offering such to an Islamic bank in Bangladesh for the first time, a press statement said.
IFC Regional Director for South Asia Paolo Martelli noted: "In Bangladesh, where the Muslim population exceeds 88 per cent, Islamic banking is expected to increase its foothold significantly in coming years. Better regulations and risk management tools are expected to gradually improve the operating environment for Islamic banks."
The IFC's support to Exim Bank fits well with its strategy to partner with financial institutions and banks that are committed to developing the country's corporate and small and medium enterprise sectors.
The IFC's Global Trade Finance Programme will provide Exim Bank with risk coverage in a difficult market and a global network that will help grow its trade finance business. This paves the way for countries like Bangladesh to increase their share of global trade.
Managing Director of Exim Bank Kazi Masihur Rahman welcomed the partnership, saying: "We are delighted to establish our relationship with the IFC through its Global Trade Finance Programme. IFC's support will help us create new and valuable business opportunities for our clients in Bangladesh and around the world."
The IFC Global Trade Finance Programme supports trade with emerging markets worldwide and promotes the flow of goods and services between developing countries, the statement added.
IFC Country Manager for Bangladesh, Bhutan, and Nepal Per Kjellerhaug said: "The Global Trade Finance Programme is one good example of the many products IFC offers to help develop a sector. It is an important mechanism to get local banks into an active global network that facilitates transactions in challenging markets, promotes competitive financing, and builds correspondent bank relationships with new institutions on a low-risk basis."