Nigeria’s Union Bank secures a US$40m finance guarantee facility from IFC to boost trade finance

NIGERIA – Union Bank, one of Nigeria’s leading commercial banks, has secured a US$40 million finance guarantee facility from IFC- a member of the World Bank Group-to boost access to finance for local business. As a result of the transaction, Union Bank also gained access to IFC’s Global Trade Finance Program – a platform that promotes international trade by leveraging the financial resources of its huge network of banks. IFC in a statement said that the finance guarantee facility will stimulate increased international trade in Nigeria and help protect the…

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Nigeria’s Coronation Merchant Bank, IFC partner to boost financing for local businesses

NIGERIA – IFC, a member of the World Bank Group, has partnered with Coronation Merchant Bank (CMB) to boost financing for local businesses in Nigeria. Under the partnership, IFC will advance a US$40 million Trade Finance Guarantee facility to Coronation Merchant Bank under its Global Trade Finance Program. This according to IFC, will enable Coronation Merchant Bank to establish and expand correspondent banking partnerships with several international banks in IFC’s Trade Finance program, broadening access to finance in Nigeria. IFC’s Global Trade Finance Program (GTFP) will offer confirming banks full…

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