The International Finance Corporation (IFC) will guarantee the Home Finance Corporation (HFC) Bank’s trade transactions with overseas banks.
This will be possible through a recently signed agreement between the two organisations under the IFC’s Global Trade Finance Program (GTTFP).
HFC Bank chief executive Rakesh Ram said the decision to partner with a highly reputable and well-regarded international stakeholder reflects the Bank’s commitment to fostering strong relationships.
“We are honoured to be recognised by IFC under the GTTFP, where clients can trust and rely on providing dedicated products that provide real banking solutions.”
The agreement allows HFC Bank a working relationship with a global network of international banks in the program, broadening access to finance and reducing cash security requirement.
This will allow access or the facilitation of transactions under limited trade lines by HFC Bank with 218 other banks across 71 countries.