In 2013 alone, it supported $22bn-worth of trade financing deals, $7bn of which were in the form of direct financing. These guarantees are transaction-specific and apply to: letters of credit trade-related promissory notes and bills of exchange bid and performance bonds advance payment guarantees supplier credits for the import of capital goods According to the terms of the agreement, the GTFP would offer confirming banks partial or full guarantees covering payment risk on Union Bank's trade-related transactions. Utilizing Chinese province panel data from 2006 to 2019, this study assesses GTFP using the slack-based model with the Global-Malmquist . According to the bank website, the project is an uncommitted trade finance guarantee facility under IFC's Global Trade Finance Program. This is the first IFC green trade finance line globally. "In fact, this fits into our strategic agenda as it has a climate component to it." According to the terms of the agreement, the GTFP will offer confirming banks partial or full guarantees covering payment risk on Union Bank's trade-related transactions. Sheikh Mohammad Maroof, Additional . The GTFP has been effective in introducing banks to each other. Chief Executive Officer of Global IME Bank Ratna Raj Bajracharya and . Al Ahli Bank of Kuwait Egypt Building B227 - B228 K28 Cairo Alex Desert Road Smart Village Area 12577 6th of October City Egypt Bank of Alexandria S.A.E. Bank of China Macau - Macau, China - SWIFT: BKCHMOMX. Bulding 49, Kasr El Nile Street Downtown Area 11511 Cairo Egypt Attijariwafa Bank Egypt (formerly Barclays Bank Egypt) 12 Midan El Sheikh Youssef Street Garden City Cairo Egypt FAB Egypt IFC launched the GTFP in 2005 to support the development of trade involving emerging economies. As a confirming bank under the programme, City Bank can receive risk coverage from IFC to confirm LCs issued by other banks. 1. The International Finance Corporation (IFC), a member of the World Bank Group, has named CaixaBank the "Best Confirming Bank", under the framework of the Global Trade Finance Programme (GTFP) for the second time in a row. 15, Building I 14, Government Avenue, Manama - 316, Municipality-116, Bahrain KEB Hana Bank (formerly Korea Exchange Bank) 5th Floor Yateem Center Building PO Box 5767 Manama Bahrain National Bank of Kuwait S.A.K.P, This is a big boost to City Bank's capabilities to facilitate import and export financing of goods and services of private sector. Commenting on the . According to the terms of the agreement, the GTFP will offer confirming banks partial or full guarantees covering payment risk on Union Bank's trade-related transactions. AFAWA (Affirmative Finance Action for Women in Africa) Access to finance for SMEs through FIs ; Adaptation Benefit Mechanism (ABM) AfDB - OECD: Joint Initiative; Africa Adaptation Acceleration Program; Africa Climate Change Fund banks participating in the GTFP, are designed to inform banks of international best practice standards with regard to the information needed to support an application for a correspondent banking relationship or to respond to a request from a bank related to its internal KYC compliance procedures. These guarantees are transaction-specific and may be evidenced by a variety of underlying instruments such as letters of credit, trade-related promissory notes, accepted drafts, bills of exchange, guarantees, bid and performance bonds, and advance payment . Union Bank said it has received a $40 million facility from the International Finance Corporation , a member of the World Bank Group, to boost access to finance for local business, increase. The guarantees are transaction-specific and are backed up by a variety of underlying . Read . 3 March 2020, Lagos, Nigeria IFC, a member of the World Bank Group, today announced a $40 million Trade Finance Guarantee facility to Coronation Merchant Bank under its Global Trade Finance Program. Through the GTFP bank network, local financial institutions can establish working partnerships with a vast number of major international and regional banks (Confirming Banks) in the program, thus broadening access to finance. Execute daily trade finance transactions with GTFP Issuing Banks in the region by connecting GTFP Confirming Banks globally. This will enable Coronation Merchant Bank to establish and expand correspondent banking partnerships with several international banks in IFC's Trade Finance program, broadening . local financial institutions can establish working partnerships with a vast number of international and regional confirming banks in the program, thus broadening access to finance with enhanced tenors and competitive pricing terms. NIB Bank Pakistan has joined IFC's global trade finance programme (GTFP) as its 12th partner bank in Pakistan. Take a lead role in monitoring the Issuing Banks exposures/limits to ensure that committed transactions are consistent with all corporate guidelines, including the trade operational guidelines. These guarantees are transaction-specific and may be demonstrated by a variety of underlying instruments including letters of credit, trade-related promissory notes, guarantees, bonds, and advance payment guarantees. IFC says that these guarantees are transaction-specific and may be demonstrated by a variety of underlying instruments including letters of credit, trade -related promissory notes, guarantees, bonds, and advance payment . These guarantees are transaction-specific and may be evidenced by a variety of underlying instruments such as: letters of credit, trade-related promissory notes, accepted . Under this program, IFC offers full or partial guarantees to the confirming banks participating in the GTFP, effectively taking on their payment risks. Belgazprombank attracts . As a confirming bank under the program, City Bank can receive risk coverage from IFC to confirm LCs issued by other banks. According to the terms of the agreement, the GTFP will offer confirming banks partial or full guarantees covering payment risk on Union Bank's trade-related transactions. The proposed GTFP facility will allow GIBL to connect with more global Confirming Banks (CBs) with better capacity which will help the Bank to process more transaction for its clients. The partnership is under the IFC's Global Trade Finance Program (GTFP), and as part of the terms of its arrangement, it would offer the confirming banks partial or full guarantees, covering payment risk on Union Bank's trade-related transactions. The award was announced at the 5th International Finance Corporation's Global Trade Finance Programme Bank Partners' Meeting held in Dubai, United Arab Emirate in October, 2012. | September 25, 2022 By improving the content and delivery of such information, an Applicant Bank presents itself in a . These guarantees are transaction-specific and may be demonstrated by a variety of underlying instruments including letters of credit, trade-related promissory notes . In recent years, while the GTFP has expanded in higher-risk markets, in terms of dollar volume it has grown faster in low- and medium . Barcelona, 03/07/2020 Save for later CaixaBank International Banking The International Finance Corporation (IFC), a company of the World Bank Group, has named CaixaBank as the Best Confirming Bank worldwide during 2019, under the framework of the Global Trade Finance Programme (GTFP). "" ,2003201839, By covering payment risk of emerging . Publications. The Trade Awards include the Best Issuing and Confirming Banks in each region, with multiple categories such as the Best Trade Operations Bank, Best . All DC News DC Fraud News DC Insight ICC Opinions ICC Rules Legal Cases Docdex Decisions . WASHINGTON, December 15, 2021 IFC, a member of the World Bank Group, announced the winners of its 10th Global Trade Awards, which recognize the most successful banks that have been active under IFC's trade finance programs in the past year.. Take a lead role in monitoring the Issuing Banks exposures/limits to ensure that committed transactions are consistent with all corporate guidelines, including the trade operational guidelines. Work closely with Trade Operations Team in Istanbul and ensure to book transactions as committed with GTFP Issuing Banks and Confirming Banks. Summary: RIYADH: The Saudi British Bank (SABB) has been named the "Most Active Confirming Bank in the Middle East & North Africa and Supporter of SME Trade" by . This is a big boost to City Bank's capabilities to facilitate import and export financing of goods and services of private sector. City Bank joined the GTFP program in 2012 as an issuing bank. Execute daily trade finance transactions with GTFP Issuing Banks in the region by connecting GTFP Confirming Banks globally. IFC issues its corporate guarantee for: The facilitation of confirmation of Letters of Credit and Guarantees (Bid Bonds, Performance Bonds) The facilitation of Import or Export Financing (Pre/Post)-> Herewith IFC covers country and commercial risk of trade transactions . Key elements of the model included the flexibility to support trade as it shifted with market conditions; a quick response process and documentation in line with the nature of short-term trade transactions; flexible pricing according to market rates; and the . City Bank has recently signed an agreement with International Finance Corporation (IFC) to participate in a Global Trade Finance Program (GTFP) as a confirming bank. A key means through which the GTFP has helped enhance the supply of trade finance in underserved markets has been through helping connect confirming banks with local issuing banks, particularly smaller or less established banks. Work closely with Trade Operations Team in Istanbul and ensure to book transactions as committed with GTFP Issuing Banks and Confirming Banks. GTFP's investment in the form of a trade line will confirm banks partial or full guarantees (and other trade instruments) covering payment risk on banks in . KATHMANDU: IFC, a member of the World Bank Group, is extending an unfunded short-term facility under the Global Trade Finance Program (GTFP) to Global IME Bank, one of the largest commercial banks of Nepal, with a carve out allocated towards climate smart trade finance. Work closely with Trade Operations Team in Istanbul and ensure to book transactions as committed with GTFP Issuing Banks and Confirming Banks. Within two years, the initiative provided support for $400m-worth of trade finance deals; 10 years later, the global trade finance programme (GTFP) generates much larger business volumes. City Bank entitled the GTFP program as an issuing bank in 2012. 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. This participation in this program will strengthen City Bank's ability in facilitating the country's trade business. Title Company Author: tonnay Created Date: 9 . Bank of Montreal Shanghai - Shanghai, China - SWIFT: BOFMCNSH. Note: * means documentation is pending. Bank of Montreal Guangzhou - Guangzhou, China - SWIFT: BOFMCN22. Work closely with Trade Operations Team in Istanbul and ensure to book transactions as committed with GTFP Issuing Banks and Confirming Banks. Under the terms of the deal, the IFC will offer confirming banks full or partial guarantees to cover Coronation Merchant's trade-related payment obligations, enabling the African bank to . City Bank joined the GTFP program in 2012 as an issuing bank, said a statement. The guarantees are transaction-specific and may be demonstrated by a variety of underlying instruments including letters of credit, trade-related promissory notes . Bank of China Limited - Beijing, China - SWIFT: BKCHCNBJ. GTFP offers confirming banks partial or full guarantees to cover payment risk on banks in the emerging markets. 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. City Bank joined the GTFP program in 2012 as an issuing bank. City Bank joined the GTFP programme in 2012 as an issuing bank. According to the terms of the agreement, the GTFP will offer confirming banks partial or full guarantees covering payment risk on Union Bank's trade-related transactions. Box 395 Diplomatic Area, Manama 317 Bahrain ICICI Bank Bahrain branch Office No. The $40 million facility, under IFC's Global Trade Finance Program (GTFP), will support Union Bank to establish working partnerships with nearly 300 major international banks within the GTFP . Retail Banking. Bank of Montreal Beijing - Beijing, China - SWIFT: BOFMCNBJ. The State Export Import Bank of Ukraine (Ukrexim) 127 Gorkogo Street, Kyiv-150, 03150, Ukraine Joint Stock Commercial Innovation Bank "UkrSibbank" 1/12 Andriyivska Str. The SME reach and type of product covered by IFC guarantees are not in themselves informative indicators of the program's effectiveness. The program supports trade with emerging markets worldwide, allowing participants to conveniently to finance their imports and exports and promote the flow of goods and . 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. "This IFC GTFP line will allow Global IME Bank to connect with more global Confirming Banks with a better capacity which will help the Bank to process more transactions for its clients in different geographies," said Ratna Raj Bajracharya, CEO of Global IME Bank. These guarantees are transaction-specific and may be demonstrated by a variety of underlying instruments including letters of credit, trade-related promissory notes . In theory, we can likely do up to . Shehzad Sharjeel, IFC regional head of trade, Middle East and North Africa tells GTR: "Under GTFP, IFC will support NIB Bank's trade finance business by providing partial or full guarantees for individual trade transactions, which would support its client needs." Arab Bank plc Building 540 Road 1706 P.O. This is a big boost to City Bank's capabilities to facilitate import and export financing of goods and services of private sector. As a confirming bank, City . According to the terms of the agreement, the GTFP will offer confirming banks partial or full guarantees covering payment risk on Union Bank's trade-related transactions. The guarantees are transaction-specific and may be demonstrated by a variety of underlying instruments including letters of credit, trade-related promissory notes . Kundens bank er tilsluttet GTFP/TFP som " issuing bank ", og sfremt EBRD har ledig risikokapacitet p kundens bank, vil der kunne udstedes en garanti til eksportrens bank, som s kan bekrfte rembursen over for . GTFP delivers risk mitigation for counterparty bank risk, in trade transactions in over 90 emerging markets globally. She said that under the GTFP, UNB as a Confirming Bank would partially or fully benefit from guarantees of IFC in covering payment risks on issuing banks in emerging and non investment grade markets. "This IFC GTFP line will allow Global IME Bank to connect with more global Confirming Banks with better capacity which will help the Bank to process more transaction for its clients in different geographies." said Ratna Raj Bajracharya, CEO of Global IME Bank. Previously, the outstanding amount limit for the GTFP was US$5bn, but we have now requested an additional capacity of US$500mn for public sector institutions. Beyond the Project, IFC anticipates that GTFP improves overall market integration by (1) maintaining and expanding trade finance, financial linkages and trade across multiple markets through strengthening these . Country Bank Name Address; Afghanistan: Bank Alfalah Limited (Afghanistan Branch) 410 Chahri-e-Sadarat Shar-e-Nou, Kabul, Afghanistan: Afghanistan : National Bank of Pakistan (Jalalabad Branch) Bank Street Near Haji Qadeer . Eksportrens bank er tilsluttet GTFP/TFP som "confirming bank", og anmoder derfor EBRD om en garanti til sikkerhed for betaling sfremt kundens bank ikke betaler. Union Bank of Nigeria joins GTFP; Advanced Search Search . The lack of relationships between banks can reflect factors such as the costs of due diligence and lack . GTFP offers confirming banks partial or full guarantees covering payment risk on banks in emerging markets for trade related transactions. According to the terms of the agreement, the GTFP will offer confirming banks partial or full guarantees covering payment risk on Union Bank's trade-related transactions. According to the terms of the agreement, the GTFP will offer confirming banks partial or full guarantees covering payment risk on Union Bank's trade-related transactions. Take a lead role in monitoring the Issuing Banks exposures/limits to ensure . 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 purpose of the proposed IFC trade line is to support Vista Bank Burkina Faso's trade program. The award recognises RMB's involvement in the IFC Global Trade Finance Program (GTFP), which covers 235 financial institutions in 73 countries around the world. "According to the terms of the agreement, the GTFP will offer confirming banks partial or full guarantees covering payment risk on Union Bank's trade-related transactions. The recognition was awarded on May 25, 2011 at IFC's Annual GTFP Bank Partners Meeting held in Istanbul. CaixaBank has also been acknowledged as "Best Confirming Bank in South Asia" for the first time. List of approved Confirming Banks; List of approved Issuing Banks; Initiatives & Partnerships. As a confirming bank under the program, City Bank can receive risk coverage from IFC to confirm LCs issued by other banks. The GTFP was based on the European Bank for Reconstruction and Development's (EBRD) trade finance model that was introduced in 1999. This is very important for confirming banks, who will be able to work with us and interact with state-owned financial institutions through the programme. According to the terms of the agreement, the GTFP will offer confirming banks partial or full guarantees covering payment risk on Union Bank's trade-related transactions. GTFP offers to confirm banks partial or full guarantees covering payment risk on banks in emerging markets for trade-related transactions. As a part of GTFP, the bank can receive risk coverage from IFC to confirm LCs issued by other banks. As a confirming bank under the program, City Bank can receive risk coverage from IFC to confirm LCs issued by other banks. "In fact, this fits into our strategic agenda as it has a climate component to it." The Global Trade Finance Program. The GTFP network of banks remains broad, but there is a concentration of usage among confirming banks in some regions. Under the US$500 million programme, IFC offers full or partial guarantees to confirming banks participating in the GTFP, effectively taking on the payment risk of issuing banks in emerging countries. Lost or theft - EC-, Service-/Sparcard: +49 69 740987 - Credit card: + 49 69 66571999 - Blocking Online Banking: +49 69 50502786 - Service hotlines Corporate Banking According to the terms of the agreement, the GTFP would offer confirming banks partial or full guarantees covering payment risk on Union Bank's trade-related transactions. According to the terms of the agreement, the GTFP would offer confirming banks partial or full guarantees covering payment risk on Union Bank's trade-related transactions. 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. Oct. 3, 2022, 9:20 a.m. IFC, a member of the World Bank Group, is extending an unfunded short-term facility under the Global Trade Finance program (GTFP) to Global IME Bank, one of the largest commercial banks of Nepal, with a carve out allocated towards climate smart trade finance. Subscription RSS. According to the terms of the agreement, the GTFP will offer confirming banks partial or full guarantees covering payment risk on Union Bank's trade-related transactions. UNB joins IFC's finance programme. This is the first IFC green trade finance line globally. City Bank joined the GTFP program in 2012 as an issuing bank. 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 GTFP has demonstrated high additionality in riskier markets where there are trade needs but lines of credit from international confirming banks and alternate risk mitigation instruments are less available. The International Finance Corporation (IFC) has agreed to provide a US$40mn guarantee to Coronation Merchant Bank in Nigeria, as part of its Global Trade Finance Programme (GTFP). Rand Merchant Bank (RMB) a trade partner bank of the International Finance Corporation (IFC) in Africa has just received the award for Best Regional Confirming Bank in Africa. This is . Use the Search bar to quickly find a specific Confirming Bank by name, or type in a country to view its list of Confirming Banks. According to the terms of the agreement, the GTFP will offer confirming banks partial or full guarantees covering payment risk on Union Bank's trade-related transactions. Kyiv, 04070 Ukraine Uzbekistan Hamkorbank JSCB 14 Furkat Street, Tashkent, Uzbekistan UzKDB (formerly UzDaewoo Bank) Pushkin Road 1, 700000, Tashkent, Uzbekistan 30/09/10 5 . The GTFP has played a useful role in connecting local issuing banks with global confirming banks. This is a big boost to City Bank's capabilities to facilitate import and export financing of goods and services of private sector. The Global Trade Finance Programme has 380 member Banks from 182 countries around the world. Green credit, a market-driven environmental policy instrument and an essential component of the green financial system, has piqued academic and policymakers' interest in whether it has successfully improved Chinese green total factor productivity (GTFP). IFC's Trade Advisory Services are well . 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