IFC, a member of the World Bank Group, has said that Jordan’s Cairo Amman Bank has joined the IFC Global Trade Finance Program as an issuing bank to help expand its trade finance support for Jordanian businesses.
IFC’s Global Trade Finance Program supports trade with emerging markets and promotes the flow of goods and services between developing countries.
IFC provides partial or full guarantees against underlying trade instruments and covers the payment risk of participating issuing banks, allowing them to expand their trade finance transactions within a large network of countries and banks to enhance their trade finance coverage.
Cairo Amman Bank is the fourth bank to join IFC’s Global Trade Finance Program in Jordan after Capital Bank, Union Bank, and Bank of Jordan, and will use the funds to help more Jordanian businesses import consumer goods, raw materials, capital equipment, and agricultural products.
Rana Sunna, deputy general manager for banking services at Cairo Amman Bank, said: “IFC’s Global Trade Finance Program will complement our efforts to expand our relationship with correspondent banks worldwide and allow us to continue supporting the growth of trade business for our branches in Jordan and West Bank.”
Ahmed Attiga, IFC principal country officer for Jordan, said: “Working with Cairo Amman Bank is in line with IFC’s strategy in Jordan to expand access to finance to the corporate sector with a special focus on small and medium sized enterprises.”