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FC extends $15 million support to two Ghanaian banks
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THE International Finance Corporation, the private sector arm of the World Bank Group, said that the Merchant Bank of Ghana Limited and The Trust Bank Limited became the first issuing banks in Ghana to join IFC's Global Trade Finance Program.
The Global Trade Finance Program is a $500 million program that promotes trade with emerging markets by supporting flows of goods and services to and from developing countries. Through the program, 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.
The IFC has approved $10 million and $5 million for MBL and TBL respectively, to promote International Trade. According to Imoni Akpofure, the IFC country manager for Ghana, these trade finance deals fit well into the government of Ghana's strategy for facilitating support to private sector companies to expand their businesses.
"This $10 million facility brings Merchant Bank Ghana Limited to a new level in the international financial markets," said its managing director, Blaise O. Mankwa. And the managing director of Trust Bank Limited, Mr. Isaac Owusu-Hemeng, noted on his part that this $5 million transaction gives the TBL a great opportunity to conduct offshore transactions with clients.
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