Jun 19 2011 |
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SABB wins honors for trade finance services
RIYADH: 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 Program (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 programs for supporting trade flows between developing countries, especially for the small and medium enterprises (SME) segment.
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 programs and to cross-border trade in the region has been remarkable."
The program has provided guarantees of over $11 billion to more than 200 issuing banks in 83 countries.
In the MENA region, IFC has 26 partner banks in 10 countries and in fiscal year 2011 has so far issued guarantees for more than $662 million.
© Arab News 2011
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