KABUL: IFC, a member of the World Bank Group, today announced the expansion to Afghanistan of a program to support trade with emerging markets worldwide, promoting the flow of goods and services between Afghanistan and other countries and supporting its sustainable economic growth.
Afghanistan International Bank is the first Afghan bank to join IFC’s Global Trade Finance Program. As its first transactions under the program, the bank executed two trade transactions supporting the import of goods from Kazakhstan and Thailand.
Khahlil Sediq, Chief Executive Officer of Afghanistan International Bank, said, ’Trade finance is a crucial business function of our bank. IFC’s Global Trade Finance Program will give Afghanistan International Bank an opportunity to facilitate international trade transactions and help expand our network of partner banks globally.’
IFC Director for the Middle East and North Africa, Michael Essex, said, ’Executing our first trade transaction in Afghanistan and adding Afghanistan International Bank to our Global Trade Finance Program demonstrates IFC’s commitment to assisting conflict-affected countries.’
IFC’s Global Trade Finance Program provides partial or full guarantees against underlying trade instruments and covers the payment risk of participating banks, allowing them to expand their trade finance transactions within an extensive network of countries and banks to enhance their trade finance coverage.
IFC’s investment portfolio in Afghanistan totals US$95 million in five companies. IFC Advisory Services complement its investments by helping build the capacity of financial institutions to lend to micro and small businesses, and working with the government to establish regulatory frameworks for leasing and housing sector lending. Moreover, it is advising the Central Bank set up credit and collateral registries. IFC is also building practical business skills of local entrepreneurs and supporting small and medium enterprises in such sectors as agribusiness.
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