Jun 18 2011 |
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SABB named Most Active Trade Finance Confirming Bank in MENA
The Saudi British Bank (SABB) has been named the "Most Active Confirming Bank in the Middle East & North Africa and Supporter of SME Trade" by the World Bank's International Finance Corporation ( IFC ) for the second consecutive year. This award is unique, since the recognition is based purely on the actual business generated along with the nature and number of trade transactions supported by SABB under the IFC 's Global Trade Finance Programme (GTFP). SABB remains the only Saudi bank to have won this prestigious award, reflecting SABB 's commitment to promoting exports from the Kingdom and contribution to the success of the IFC 's programmes for supporting trade flows between developing countries, especially for the Small and Medium Enterprises (SME) segment.
David Dew, Managing Director of SABB commented: "We are proud of our association with the IFC and of our recognition for the second year running, as the most active confirming bank in the MENA region under the IFC 's Global Trade Finance Programme. Our partnership with the IFC has enabled us to further expand our role in facilitating exports from the Kingdom and we look forward to seeing this partnership grow in the years to come."
Speaking about the award, Walid Almurshed, IFC Principal, Middle East, North Africa, South Europe and Head of IFC Saudi Arabia, said: "Small and medium enterprises in certain developing countries often find it difficult to manage their import needs, in the form of LC confirmations, related to procurement of necessary raw materials for further processing of value-added products . Our partnership with SABB has helped the IFC in meeting our goal of increasing cross-border trade to support private sector growth in developing countries. SABB 's contribution to our programmes and to cross-border trade in the region has been remarkable".
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