IFC Extends Trade Finance Program

The International Finance Corporation (IFC), the private-sector arm of the World Bank, has extended its Global Trade Finance Program to the Caribbean. It announced that Banco Multiple Leon, the third-largest private commercial bank in the Dominican Republic, has become the first issuing bank to join the Program in the region. Through the program, the IFC “provides guarantee coverage of bank risk in emerging markets, allowing recipients to expand their trade finance transactions within an extensive network of countries and banks and to enhance their trade finance coverage”.