Indonesia and Bangladesh receive $177 million in trade finance facilities

The two facilities double as a means of enhancing trade and improving banking reporting to the IFC.
Standard Chartered SCB, the World Bank Group's International Finance Corporation IFC and the Dutch Development Agency FMO have committed a total of US$177 million for two separate trade finance facilities, one for Indonesia and the other for Bangladesh.

The first trade facility will be extended to Indonesia and comprises a US$125 million, five-year facility. The facility is designed to provide easier access to short-term financing for Indonesian businesses and additional letter of credit confirmation lines to selected local commercial banks. In addition, IFC will guarantee 40% of each transaction.

The selected banks are Bank Mandiri, Bank International Indonesia, Bank Central Asia, Bank Danamon, Bank CIC and Bank NISP. According to...

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