IFC trains bankers

To help strengthen trade finance in Sri Lanka:

IFC, a member of the World Bank Group, has hosted a trade finance training programme for Sri Lankan bankers, part of an effort to help local entrepreneurs tap into the global marketplace.

Participants of the programme

The training, held in March, explored the potential of trade finance, which helps businesses connect with international customers and suppliers, spurring trade and economic growth.

The initiative is part of IFC's $ 3 billion Global Trade Finance Programme, which supports banks in emerging countries as they channel credit toward trade-related transactions.

"Training programs focusing on trade finance play a vital role in boosting Sri Lanka's financial sector," said Ananda Silva, Deputy Governor of the Central Bank of Sri Lanka. "Bankers in the country need to be up to date on new trade products and opportunities to increase external trade," he said.

During the five-day programme, participants learned about structuring basic and complex trade finance transactions, improving risk mitigation techniques, and upgrading the operational and technical skills of trade finance back offices. The training also featured sessions on documentary credit, international sales contracts, trade finance rules, and guarantee instruments.

Established in 2005, the Global Trade Finance Program has issued 11,700 guarantees for a total of $16.5 billion. In Sri Lanka, IFC has partnered with four banks for this program.

Additionally, the program has delivered 159 training modules over the last six years, and trained more than 4,225 bankers from over 50 countries. Sri Lanka is a priority country for IFC. IFCs committed portfolio of $200 million covers projects across a range of sectors, including infrastructure, tourism, renewable energy, finance, and health care.