South Africa's Standard Bank, Africa's largest lender by assets, has become the first international financial institution to join the IFC's $5 billion global trade liquidity program. The program aims to extend loans to regional banks for on-lending to importers and exporters in developing nations. The IFC extended a $400 million loan to Standard under the program to support trade in sub-Saharan Africa. The Bank of Zambia has indefinitely shelved plans to secure a sovereign credit rating to help local companies seek foreign financing. The government had not announced intentions of using the rating to tap international capital markets itself.
AFRICA Antonio Guerrero Global Finance; May 2009; 23, 5; Docstoc pg. 14 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
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