WASHINGTON, 06 July 2020 / PRN Africa / -- IFC, a member of the World Bank Group, has announced the winners of the 9th Global Trade Awards, which recognize the most successful partner banks that have been active under IFC's trade finance programs in the past year.

The Trade Awards include the Best Issuing and Confirming Banks in each region with multiple categories such as the Best Trade Operations Bank, Best Bank for Climate Trade, Best Bank for Equipment Trade, Best Bank for SMEs, Best Bank in Fragile Countries, and Best Bank for Women in Trade among others. Banks received global awards which include the Best Confirming Bank, Best Trade Finance Portfolio Bank, Best Trade Finance Innovation Bank, and Best Green Trade Bank.

The 47 winners were selected based on a competitive process amidst the total network of over 500 partner banks.

Hyung Ahn, Senior Manager, IFC said “IFC would like to congratulate each winner and thank them for their continued partnership and cooperation to create markets for exporters and importers in emerging markets. IFC values the global network of 500 banks that are supporting trade especially in low income and fragile countries in difficult times.”

IFC has committed more than US$180 billion of trade finance to date and launched a US$6 billion COVID-19 Crisis Response Initiative for trade finance in late March as part of the World Bank Group's US$14 billion package. In the fiscal year 2020, about US$3 billion trade finance transactions were committed in lower income and fragile countries through its Global Trade Finance Program (GTFP) which is about 60% of the Program's total commitments. By including other trade finance programs, IFC's trade finance commitments were close to US$10 billion this year.

To assist the trade finance partner banks, IFC has also organized a series of training programs in countries such as Ethiopia, Madagascar, Liberia, Cote d'Ivoire, and Mauritania.

SOURCE International Finance Corporation (IFC)