Ghana’s HFC Bank secures $10m IFC facility for trade

Jean-AkuffoThe International Finance Corporation (IFC) has provided Ghana’s HFC Bank a trade facility of $10 million.

This was after the two officially signed an agreement in Accra today May 13, 2013.

The credit, under the IFC’s Global Trade Finance Programme, will enable the Ghanaian bank to establish “working partnerships with a large number of major international and regional confirming banks in the programme”.

It added that HFC can use the facility to enhance its global reach and gain familiarity in new markets.

According to the World Bank Group’s private arm, the facility to HFC Bank will also broaden access to finance in Ghana and help grow the economy.

The Managing Director of HFC, Asare Akuffo said the IFC facility will be used to finance general trade led by small and medium enterprises (SMEs) in the country.

Jean Philippe Prosper, IFC’s Vice president for sub-Saharan Africa and Latin America and the Caribbean signed the agreement on behalf of his institution.

By Ekow Quandzie

Video: IFC, HFC sign $10m trade deal

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