IFC, Japan launch global trading course for Lao bank staff
IFC, Japan launch global trading course for Lao bank staff
The International Finance Corporation (IFC) yesterday launched a training programme to help Banque pour le Commerce Exterieur Lao (BCEL) to strengthen its operations by providing more loans to small international traders.
The 10-day Global Trade Finance Programme Advisory Services training will increase BCEL's capacity to process trade transactions and deliver effective financing solutions, which will boost development of the country's financial sector and help local businesses tap into international markets.
Speaking at the opening ceremony of the course, BCEL General Managing Director Mr Vankham Voravong said “This training supports the goal of BCEL's management to grow the bank's small and medium enterprise loan portfolio.”
“We are confident that we can develop new financing products that promote economic development in Laos by generating foreign exchange and creating more and better jobs.”
The training course is sponsored by BCEL and IFC in partnership with the Japanese government, a long-time partner of IFC's trade advisory services programme.
World Bank Group Executive Director for Japan, Mr Hideaki Suzuki, said the IFC and the government of Japan are demonstrating their joint commitment to support the financial and commercial sectors in Laos.
“We strongly believe that this initiative will spur a new business relationship and encourage more trade between Laos and other countries, including Japan,” he said.
BCEL was the first bank in Laos to receive an IFC trade credit line in December last year. The US$5 million credit line under the IFC Global Trade Finance Programme supports the country's economic development by helping importers and exporters get more financing and take advantage of new opportunities for growth.
IFC Resident Representative to Laos, Mr Aimilios Chatzinikolaou, said the programme aims to promote trade in emerging markets by linking local financial institutions with major international banks.
“As the first Lao bank to join our global network, BCEL will help ensure the flow of consumer goods, machinery, commodities and other items to households and businesses across the country,” he said.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector.
vientiane times
