Standard Chartered Bank-Uganda (StanChart) has launched a new facility to support the import and export operations of small and medium-sized enterprises (SMEs), including micro-businesses.

Letters of credit (L/Cs) are a feature in the facility, called the Small and Medium Enterprises Import and Export Financing IEF facility, which aims to make international trade cheaper, faster and more convenient for Ugandan SMEs doing business with the rest of the world.

Emerging markets

The IEF facility is aimed at SMEs whose core business is import and export and sets out to utilise StanChart's international presence in the emerging trade corridors of Asia, Africa and the Middle East.

The facility is "designed to grow, boost and facilitate internationaltrade," says the bank's general manager for SME banking, Herman Kasekende. He says StanChart is responding to customer feedback and turning an "existing gap into a business opportunity".

L/C features

Small-scale importers and exporters will find it quicker, easier and faster under the IEF facility to process L/Cs according to a bank statement.

The statement adds that customers using the new facility can expect several more benefits, including preferential foreign exchange rates and access to short-term financing such as L/Cs, loans and overdrafts.

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