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, as 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 its commitment to promoting exports from the Kingdom and contribution to the success of the IFC’s programmes for supporting trade fl ows 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”.
Launched in 2005, the IFC Global Trade Finance Programme supports trade with emerging markets worldwide, seeking to increase developing countries’ share of trade and promote cross-border flows of goods and services.
The programme has provided guarantees of more than $11 billion to more than 200 issuing banks in 83 countries. In the Middle East and North Africa region IFC has 26 partner banks in 10 countries and in fiscal year 2011 has so far issued guarantees for more than $662 million.