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Tegucigalpa, Honduras, June 13, 2013
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IFC, a member of the World Bank Group, announces a US$10 million senior loan and US$8 million trade-finance credit line to Banco Financiera Centroamericana S.A (Ficensa), which will help expand lending to small and medium entrepreneurs that are critical to the country's economic growth.
The trade-finance credit line is provided under IFC’s Global Trade Finance Program, which helps promote trade between emerging markets, increase developing countries’ share of global trade, and support the flow of goods and services between these countries. The program supports Ficensa’s growing trade finance business, particularly in the agro-commodities sector, an important employer in Honduras’s rural communities. In addition, IFC will provide advisory services to further enhance Ficensa’s integral risk management framework. This will help expand the bank’s loan portfolio and transfer current international best practices in trade finance to local markets.
“IFC’s support provides Banco Ficensa with the opportunity to finance productive industries that contribute to the creation of local jobs and help promote economic growth,” said Roque Rivera, Ficensa’s CEO. “IFC will help further expand Ficensa’s capacity to support small and medium enterprises and international trade operations, which is consistent with our strategy. Our partnership with IFC goes beyond financial support, it also enhances our credit management and corporate performance.”
“Through this investment IFC is not only supporting lending to small and medium enterprises in Honduras, which is of outmost importance, but is also supporting a leading mid-sized bank to become a stronger player in corporate and SME financing,” said Giri Jadeja, Senior Manager for IFC’s Financial Markets Department. “We look forward to continuing to partner with Banco Ficensa to support the development of the Honduran economy.”
To date, IFC’s committed portfolio in Honduras’s private sector is $369 million, including $120 million in mobilization. IFC also implements advisory programs to improve the business climate, build skills of local entrepreneurs, and promote access to finance and markets for small businesses.
About IFC
IFC, a member of the World Bank Group is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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About Banco Ficensa
Banco Financiera Centroamericana, S.A. (FICENSA) is a locally owned commercial bank established in 1974 and since its inception has focused on financing the medium and large companies in Honduras including key agribusiness operations through 28 branches around the country.
Banco Ficensa is positioned among the top ten banks in Honduras with a stable and consistent financial performance over the years. The Bank was built with the support of a strong group of senior executives recruited from leading Honduran banks, most of who are still working for the Bank. For more information, visit
www.ficensa.com
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