Coronation Merchant Bank has partnered with the International Finance Corporation (IFC) to a launch a N14.4 billion Trade Finance Guarantee Facility to boost financing for local businesses and enhancement of inter-continental trade.
IFC is a sister organisation of the World Bank and member of the World Bank Group. The organisation is the largest global development institution focused on the private sector in emerging markets. It works with more than 2,000 businesses worldwide, using its capital, expertise and influence to create markets and opportunities where they are needed most. In 2019, IFC delivered more than $19bn in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.
The partnership with Coronation Merchant Bank marks a major milestone for the Nigerian financial sector as it heralds the return of IFC to Nigeria. Since the last five years, IFC has not done any new enrollment under the GTFP in Nigeria following a break in the Nigerian market in 2015. The decision to partner with Coronation Merchant Bank sends a positive signal to investors and other international financiers while positioning Coronation Merchant Bank as a foremost institution in global trade.
IFC’s Regional Industry Head, Financial Institutions Group for Europe and Central Asia, Vittorio Di Bello, said, “We expect this financing to help boost inter-continental trade and spur economic growth for the region.” Also, the acting Managing Director of Coronation Merchant Bank, Banjo Adegbohungbe, said, “Empowering businesses that drive inter-continental trade remains pivotal to the sustenance of growth and development in emerging economies across the world. “International trade remains crucial to the economic make-up of Nigeria, yet contributes little to our GDP. We are determined to help change this narrative by boosting access to trade financing in Nigeria.”
