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IFC teams with Coronation Merchant Bank to boost trade finance in Nigeria

Wednesday 4 March 2020 11:04 CET | News

International Finance Corporation has announced a USD 40 million trade finance guarantee facility to Coronation Merchant Bank under its Global Trade Finance Program.

 

This will enable Coronation Merchant Bank to establish and expand correspondent banking partnerships with several international banks in IFC's Trade Finance program, broadening access to finance in Nigeria. IFC's Global Trade Finance Program (GTFP) will offer confirming banks full or partial guarantees to cover the trade-related payment obligations of Coronation Merchant Bank.


The program supports trade with emerging markets worldwide, allowing participants conveniently finance their imports and exports and promotes the flow of goods and services between developing countries. Commenting on the partnership with IFC, Banjo Adegbohungbe, Acting Managing Director of Coronation Merchant Bank stated that "The GTFP partnership is a critical milestone for us in our journey to become a leading financial institution in Nigeria.

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Keywords: International Finance Corporation, partnership, trade finance guarantee facility, Coronation Merchant Bank, Global Trade Finance Program, trade finance, Nigeria, access to capital
Categories: Banking & Fintech
Companies:
Countries: Nigeria
This article is part of category

Banking & Fintech