Saturday, April 4, 2009

$400m injection from IFC for African trade

The International Finance Corporation (IFC) had granted Standard Bank a $400 million (R3.7 billion) loan facility in a bid to inject trade finance in sub-Saharan Africa, the two parties said yesterday.

The IFC's response to the turmoil in global financial markets is to tackle the decline in trade that has threatened to set back decades of steady economic progress in Africa.