Tuesday, March 27, 2007

World Bank Supports Local Banks

In a sign of the continued growing confidence in Sierra Leone by the International Community, the International Finance Corporation of the World Bank last week signed trade finance agreements with three leading banks in Sierra Leone that will enable them to provide import letters of credit to the countrys business community. The three banks, Sierra Leone Commercial Bank, Rokel Commercial Bank, and Guaranty Trust Bank Limited, will each benefit from guarantees worth $1 million under IFCs Global Trade Finance Program (GTFP). IFC in their release state that they are placing a high priority on helping Sierra Leones private sector contribute strongly to economic growth and recovery. The trade finance facility will enable the three banks to further support Sierra Leonean importers and build stronger ties with international banks that participate in the GTFP program. It can be recalled that the Kabbah led Government of Sierra Leone has been enjoying a lot of confidence from the international financial community.

Source: World Bank Supports Local Banks in Sierra Leone : Sierra Leone News