NCB accesses US$16 million in trade financing from IFC

Friday, April 04, 2014

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IFC, a member of the World Bank Group, announces that National Commercial Bank Jamaica Limited has joined its Global Trade Finance Program to expand its trade finance business in the Caribbean and better serve small and medium enterprises.

"NCB executed its first transaction under the Global Trade Finance Programme in February 2014, accessing

US$16 million in trade funding for its customers," said Septimus Blake, NCB senior general manager.

"This facility will provide access to a global network of confirming banks, facilitate transactions where

trade lines are limited, and also provide access to advisory services and training."

NCB supports the trade finance needs of companies in Jamaica for a wide range of exports, including bauxite, alumina, and coffee, as well as imports such as cars, machinery, and construction equipment. By joining IFC's trade programme as an issuing bank, NCB will be able to offer more trade finance solutions to small and medium enterprises.

"IFC welcomes NCB to its Global Trade Finance Program," said Rajeev Gopal, IFC Resident Representative for Jamaica and Belize. "This shows IFC's efforts to provide integrated solutions for financing importers and exporters, and our institution's commitment to strengthen and foster the development of Jamaica's financial market."

IFC's Global Trade Finance Programme supports trade in emerging markets by providing partial or full guarantees for individual trade transactions through an effective mitigation instrument, the IFC's triple-A credit rating. The programme opens doors for local banks that face limits due to their size, their network of correspondent banks, or the political risk in their countries IFC's Global Trade Finance Program has issued more than US$7.5 billion dollars in guarantees to facilitate trade flows in Latin America and the Caribbean since the programme began in the region in 2006.

IFC's network includes 65 issuing banks in 21 Latin American and the Caribbean countries. Nearly 70 percent of the guarantees issued benefited local small and midsize businesses and supported inter-regional trade flows among emerging-market nations. The program has issued more than $26 billion in guarantees worldwide.

SMEs and Corporate customers operating in the import or export businesses can access Trade services from NCB. Currently the sectors supported are Agriculture, Oil and Gas, Manufacturing, Energy, Distributive, Mining & Processing, Communication and Construction. To access Trade Finance services customers are invited to visit the nearest NCB Branch.

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