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Washington, D.C., May 23, 2012—
A warehouse financing facility by IFC, a member of the World Bank Group, and Sudameris Bank S.A.E.C.A. was named deal of the year by
Global Trade Review
magazine for its innovative approach to expanding access to finance for local farmers and small and medium entrepreneurs in Paraguay’s agribusiness sector.
The facility, the first under IFC’s Global Warehouse Finance Program, has allowed Sudameris to increase its support to local exporters of soybeans, corn, and wheat. The program encompasses short-term loans to commercial banks to support lending to the agriculture sector against warehouse receipts or similar collateral schemes for financing agriculture inventory. Warehouse receipts can allow exporters to optimize the timing and maximize the profit of their sales.
“IFC has helped us increase our portfolio by 60 percent in less than a year,” said Conor McEnroy, President of Sudameris. “By working with farmers and small businesses, we are creating jobs and contributing to economic growth in Paraguay.”
“The Global Warehouse Finance Program is one of several initiatives we are undertaking to help emerging market companies leverage the value of their production,” said Georgina Baker, IFC Director, Global Trade and Supply Chain Solutions. “Our support enables SMEs to access working capital so they can competitively finance their activities and invest in resources to promote future growth.”
Global Trade Review
, a leading trade industry publication, presented the award to IFC and Sudameris at a ceremony in London earlier this month.
IFC started the Global Warehouse Finance Program in 2010 to increase working capital financing to farmers, traders, and exporters in emerging markets by leveraging their own production. The program is expected to reach up to 270,000 farmers across emerging markets in all regions and contribute to food availability for 9 million people by 2014.
About Sudameris Bank
Sudameris Bank has been owned by Abbeyfield Group since 2004, when Abbeyfield acquired a 78 percent stake and in 2008 acquired the remaining stake to own 98 percent. The bank offers a full range of banking services to large corporations, small and medium enterprises, and retail customers through its 20 branches and 69 ATMs across Paraguay; in the next year, the bank will add two branches and 10 ATMs. Its products include current and savings accounts, CDs, commercial loans, mortgages, trade finance, foreign exchange, warrants, and insurance products through an in-house insurance broker. For more information, visit
www.sudameris.com.py
or
www.abbeyfieldgroup.com
.
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, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
.
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