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Tag: Emeka EmuwaIFC

IFC, Union Bank partner to boost access to trade finance in Nigeria

IFC, Union Bank partner to boost access to trade finance in Nigeria

Finance
The International Finance Corporation (IFC), a member of the World Bank Group, has partnered with Union Bank Plc to boost access to finance for local business and increase international trade for Nigeria.   According to the organisations, the financial guarantee facility would help ease the impact of the COVID-19 pandemic on the country’s economy. The $40 million facility under IFC’s Global Trade Finance Programme (GTFP), will support Union Bank to establish working partnerships with nearly 300 major banks within the GTFP network, thereby broadening access to finance and reducing cash collateral requirements for Nigerian businesses. The facility would enable the continued flow of trade credit into the Nigerian market at a time when imports are critical, and the country’s...