Coronation Merchant Bank has partnered with International Finance Corporation (IFC) to a launch a N14.4 billion Trade Finance Guarantee Facility to boost financing for local businesses and enhancement of inter-continental trade.
IFC is a sister organization of the World Bank and member of the World Bank Group. The organization is the largest global development institution focused on the private sector in emerging markets.
It works with more than 2,000 businesses worldwide, using their capital, expertise, and influence to create markets and opportunities where they are needed most. In 2019, IFC delivered more than $19 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.
The partnership with Coronation Merchant Bank marks a major milestone for the Nigerian financial sector as it heralds the return of IFC to Nigeria.
Since the last five years, IFC has not done any new enrollment under the GTFP in Nigeria following a break in the Nigerian market in 2015.
The decision to partner with Coronation Merchant Bank is an attestation of the growth and development recorded in the Nigerian financial sector over the last few years.
The gesture sends a positive signal to investors and other international financiers whilst positioning Coronation Merchant Bank as a foremost institution in Global Trade.
“Increasing access to trade finance for local businesses is an important mechanism to support the development of the private sector in emerging markets. We expect this financing to help boost inter-continental trade and spur economic growth for the region”, IFC Regional Industry Head, Financial Institutions Group for Europe and Centra Asia, Vittorio Di Bello said.