FIMBank has signed a subordinated convertible loan agreement with the International Finance Corporation (IFC), the private sector arm of the World Bank Group, Washington.
IFC's investment in FIMBank consists of a subordinated long-term convertible loan of $10 million and participation by the company in IFC's global trade finance facility for a further $5 million.
FIMBank's president, Margrith Lutschg-Emmenegger, expressed satisfaction at establishing the partnership with IFC.
IFC's investment in FIMBank will enable the bank to accelerate its growth in emerging markets by creating awareness and access to trade finance products.
"FIMBank gained IFC's support after successfully passing the investment tests and due diligence of the World Bank Group and we are very proud of this achievement. These growth initiatives supporting our global trade finance activities are ultimately designed to enhance customer and shareholder value," Ms Lutschg-Emmenegger said.
IFC's mission is to promote sustainable private sector investments in developing countries, helping to reduce poverty and improve people's lives. It invests in commercial enterprises by means of loans and equity financing in collaboration with other investors.
As a minority partner, IFC seeks project sponsors from industrial and developing countries around the world with which the corporation can form joint enterprises. In addition to funding, it also provides legal and technical advice.