IFC provides $30m loan to support cross-border trade in Africa, Middle East

The International Finance Corporation (IFC) is providing a $30 million loan to Malta-based FIMBank to support cross-border trade in the Middle East and Africa, the World Bank Group member announced December 26, 2012.

According to the IFC, the loan will help FIMBank offer trade financing to companies that import and export food, consumer goods, and machinery.

“The loan is designed to boost trade between Europe, the Middle East, and Africa, supporting economic development,” it said.

“Expanding trade finance is a key element of IFC’s strategy in the region,” said Aftab Ahmed, IFC Financial Markets Director for Europe, the Middle East, and North Africa.

The IFC says the loan is part of its effort to support trade finance in the Middle East and Africa, which will help promote private sector development.

The IFC has been a shareholder in FIMBank since 2005.

By Ekow Quandzie