The International Finance Corporation announced it is providing training in trade finance to bankers in Iraq to help banks improve their trade finance skills and better serve businesses, therefore contributing to the growth of the Iraqi economy.
The IFC, in cooperation with the government of Japan, is training professionals from private banks across the country on structuring trade finance transactions, managing trade finance risk, and increasing trade finance product offerings. It will also provide training on documentary credit, trade finance rules, guarantee instruments, and trade finance-related treasury mechanisms, as well as on applying IFC guarantees to trade finance transactions. The program falls under the IFC Global Trade Finance Program. The IFC said the program is helping restore access to trade finance, which has been negatively affected by the global financial crisis, adding that the program’s training component is vital in helping banks in emerging markets provide trade finance to importers and exporters, particularly small and medium-size enterprises.
Source: International Finance Corporation – Byblos Bank