NDB Bank joins IFC's Global Trade Finance Program

IFC, the private sector arm of the World Bank Group, said that NDB Bank has become the first bank in Sri Lanka to join its Global Trade Finance Program. The program is providing NDB Bank with an $8 million facility.

The Global Trade Finance Program supports trade with emerging markets worldwide and promotes the flow of goods and services between developing countries. IFC provides partial or full guarantees against underlying trade instruments and covers the payment risk of participating issuing banks. The program allows issuing banks, such as NDB Bank, to increase the volume and value of trade transactions, with enhanced tenors and access to competitive pricing terms.

Regional Director for IFC, South Asia Iyad Malas said, "The IFC Global Trade Finance Program provides risk coverage in difficult markets and combines global reach and maximum flexibility. It assists trade finance deals by delivering trade solutions through a global network of participating banks. The program complements the capacity of banks to deliver trade financing and paves the way for countries such as Sri Lanka to increase their share of global trade."

Chief Executive Officer at NDB Bank, Nihal Welikala said, "We are delighted to extend our relationship with IFC through the Global Trade Finance Program. NDB Bank will expand its network of correspondent banks and create new and valuable business opportunities for our clients in Sri Lanka and across the world."

IFC's Country Manager for Sri Lanka and the Maldives Gilles Galludec said, "The Global Trade Finance Program is an important mechanism to bring on board local banks to an active global network that facilitates transactions in challenging markets, promotes competitive financing, and builds correspondent bank relationships with new institutions on a low-risk basis."