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IFC increasing access to finance for entrepreneurs
Staff Reporter
Karachi—IFC, a member of the World Bank Group, announced that
Pakistan’s MCB Bank Limited has joined the IFC Global Trade Finance
Program as an issuing bank, boosting access to trade finance for
entrepreneurs and small and medium enterprises in Pakistan. The IFC
Global Trade Finance Program promotes trade with emerging markets
worldwide by supporting flows of goods and services to and from
developing countries. IFC provides guarantee coverage of bank risk
in emerging markets, allowing recipients to expand their trade
finance transactions within an extensive network of countries and
banks and to enhance their trade finance coverage.
Atif Bajwa, President and CEO of MCB Bank Limited, said, “We are
pleased to join the Global Trade Finance Program and build a strong
relationship with IFC. Through the program, we will be able to
enhance our trade product offering, extend our relationship with
correspondent banks worldwide, and structure trade finance solutions
to meet the needs of our clients and help them increase their
business in new markets around the globe.” Michael Essex, IFC
Director for the Middle East and North Africa, said, “IFC’s
partnership with MCB Bank demonstrates our commitment to expanding
access to finance in Pakistan. Through our Global Trade Finance
Program, institutions can support the country’s growing
international trade flows and enhance their ability to respond to
the needs of their clients, especially small and medium
enterprises.”
Priyamvada Singh, IFC trade specialist for the Middle East, North
Africa, and Asia, said, “MCB Bank’s participation in the IFC Global
Trade Finance Program will help expand the bank’s trade capacity
with a wider network of correspondent banks, providing the
flexibility to respond to the evolving global environment for
Pakistan’s trade flows.” IFC, a member of the World Bank Group,
fosters sustainable economic growth in developing countries by
financing private sector investment, mobilizing private capital in
local and international financial markets, and providing advisory
and risk mitigation services to businesses and governments.
IFC’s vision is that poor people should have the opportunity to
escape poverty and improve their lives. In FY2007, IFC committed
$8.2 billion and mobilized an additional $3.9 billion through
syndications and structured finance for 299 investments in 69
developing countries. IFC also provided advisory services in 97
countries. For more information, visit www.ifc.org. About MCB Bank
Limited MCB is a leading private sector bank in Pakistan, offering a
wide range of products and services to corporate and retail
customers through a variety of delivery channels.
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