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BankMuscat signs agreement with International
Finance Corporation, Washington
Muscat. 10 March 2007: BankMuscat SAOG,
the nation’s leading bank, recently signed an
agreement with International Finance
Corporation, Washington (IFC-W) under its Global
Trade Finance (GTF) Programme. The agreement
would enable BankMuscat’s customers to obtain
confirmation / guarantees on Letters of Credit
received by them for their exports to various
emerging market countries such as Argentina,
Armenia, Bangladesh, Bolivia, Brazil, Kenya,
Lebanon, Malta, Mauritania, Nigeria, Mozambique,
Russia, Pakistan, Uganda and others. This
facility would support efforts to export to
countries with riskier credit profiles, for
which confirmation/guarantees are not available
from traditional banking/export guarantee
channels.
Speaking on the occasion, AbdulRazak Ali Issa,
Chief Executive, BankMuscat said:
“We are glad to join hands once again with the
International Finance Corporation of another
part of our business. BankMuscat has always
striven to explore ways to provide greater value
to our customer base across our spread of
banking facilities. This agreement, we believe,
will help lend momentum to our clients trade
activities in several emerging market
economies.”
IFC launched its US $500 million GTF programme
in 2005 with an aim to increase developing
countries’ share of global trade and promote
South-South flows of goods and services. The GTF
programme targets issuing banks in Africa, Asia,
Latin America and Middle East and provides
guarantees and pre-export cash advances to banks
in over 70 countries. The GTF programme achieved
$200 million in guarantees issued in the first
eight months of its operation.
Talking about the success of the GTF programme,
Bonnie L. Galat, Head – Sales & Marketing,
Global Trade Finance Programme, IFC said:
"IFC is very pleased to have BankMuscat as a
Confirming Bank in the Global Trade Finance
Programme. It is the first bank to join the
Programme from Oman and enhances our network of
banks in the region. We look forward to
supporting BankMuscat in its trade activity with
emerging markets. The Programme should enhance
BankMuscat's flexibility to service its export
clients as they expand their businesses to new
or challenging developing countries."
BankMuscat joins the list of nearly 100 banks
across the world to join the programme as a
confirming bank. It becomes the first Omani bank
to join IFC’s GTF programme and amongst a select
few banks across the GCC and MENA region. During
2007, IFC’s GTF programme is expected to target
countries such as Angola, Rwanda, Senegal,
Kazakhstan, Moldova, Belarus, Paraguay,
Venezuela, El Salvador, Egypt, Jordan, Libya,
Sri Lanka, Vietnam and Indonesia.
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