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FCMB Joins IFCâââ€Ã

Category: Products & Services

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FCMB Joins IFCâââ€Ã

August 03, 2007



The International Finance Corporation (IFC), the private sector arm of the World Bank Group, has  announced that it will issue guarantees of up to $25-million against First City Monument Bank Plc’s (FCMB) underlying trade transactions, covering payment risk and helping increase Nigeria’s share of the global trade finance market.


The facility, which was recently signed is part of IFC’s  US$1-billion Global Trade Finance Program, which was launched in 2005 to support trade with the emerging markets worldwide and promote flows of goods and services between 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.


“Working with IFC will increase our capacity to take up trade finance transactions and raise finance related to international trade transactions at a very competitive price, improving our service offerings and helping better serve out clients†Anurag Saxena, FCMB’s Chief Operating Officer (COO) explained.


“We are pleased to expand our partnership with FCMB,†said Solomon Adegbie-Quaynor, IFC’s Country Manager for Nigeria. He added that IFC and FCMB were also discussing the possibility of collaborating in the real estate, oil and gas, and mortgage sectors of the economy.

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