About ‘FIT’ Initiative
The Global Trade Finance Program of the IFC has been in existence for approximately 3 years and in this short period has facilitated trade with developing countries to the value of over $1 billion. Through the GTFP bank network, local financial institutions can establish working partnerships with a vast number of major international banks in the Program that can broaden access to finance and reduce cash collateral requirements.
The GTFP has developed a network of international trade banks and is gaining momentum with an expansive network of Issuing Banks in more than 20 countries and a global web of confirming banks in over 60 countries participating in the program. Full information on the GTFP can be found at http://www.ifc.org/gtfp
The IFC Global Trade Facilitation programme now wishes to facilitate and accelerate the development of this international network of International trade banks and professionals, which will in time develop into a network of accredited finance of international trade professionals.
The intentions of the IFC GTFP under this project ‘FIT’ Initiative is to facilitate the implementation of a network driven accredited training program in the Finance of International Trade ‘FIT’ with a strong emphasis on the correct use and application of trade finance instruments including the new UCP 600 rules.
This technical assistance and training project will allow banks and bankers in developing countries of the IFC to gain a formal and internationally recognised accredited certification. It will also facilitate the development of a network of finance of international trade practitioners, and in turn reduce operational risk for emerging trade banks in developing countries.