Saba Islamic Bank joins IFC as the first issuing bank in Yemen [Archives:2007/1039/Business & Economy]

SANA'A, April 4 ) IFC, the private sector arm of the World Bank Group, announced on April 1 that Saba Islamic Bank has become the first Yemeni Bank to join IFC's Global Trade Finance Program as an issuing bank.

The Global Trade Finance Program (GTFP) prompts trade and emerging markets across the world by supporting goods and services flow to and from developing countries. By GTFP, IFC provides coverage against bank risks in emerging markets, allowing beneficiaries to expand their trade finance transactions within a wide web of countries and banks and enhance their trade finance coverage.

IFC's Global Financial Markets Department Director Jyrki Koskelo commented, “IFC has raised the trade finance program to US $1 billion in order to expand the global coverage especially in border countries like Yemen