Commercial Bank joins IFC Global Trade Finance Programme

IFC, a member of the World Bank Group, recently extended a trade finance facility to Sri Lanka's Commercial Bank of Ceylon PLC to promote cross-border trade.

The $12 million facility is funded through the IFC Global Trade Finance Programme, which 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.

Managing Director of the Commercial Bank of Ceylon, Amitha Goonaratne, said, "We are delighted to strengthen our partnership with IFC by joining its Global Trade Finance Programme. Access to the network will increase our trade finance opportunities globally."

IFC Regional Director for South Asia, Paolo M. Martelli said, "The IFC Global Trade Finance Program brings local banks into 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.

The programme helps create new and valuable business opportunities for our clients."

IFC's Country Manager for Sri Lanka and Maldives, Gilles Galludec, stated, "We hope that the facility will open doors for south-south trade and trade with countries where the Bank has no trade finance relationship."

IFC's Head of Investments in Sri Lanka and Maldives, Jeetendra Marcelline added that "IFC's support to the Bank fits in well with its strategy to team up with local partners that have global outreach and are committed to developing Sri Lanka's small and medium enterprise sector."