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Washington, D.C., June 13, 2012—
IFC, a member of the World Bank Group, extended a credit line under the Global Trade Finance Program to Banco BISA Bolivia that will expand access to finance for importers and exporters in Bolivia, and help them reach new markets.
IFC’s Global Trade Finance Program supports trade in emerging markets by providing partial or full guarantees for individual trade transactions backed by IFC’s triple-A rating.
By joining IFC’s program as an issuing bank, Banco BISA will have easier access to diversified funding sources for its clients’ trade transactions. The bank will also be able to grow its correspondent network and open up new banking relationships to better serve the increasing number of clients involved in international trade.
“With IFC’s support, we will now be able to expand our product offerings to our importer and exporter clients throughout Bolivia,” said Tomás Barrios, Banco BISA CEO. “We are proud to continue our long-term partnership with IFC and promote economic development in Bolivia through international trade.”
“Trade is a driving force and an engine for growth in many developing countries,” said Georgina Baker, IFC Director for Global Trade and Supply Chain Solutions. “This trade credit line for Banco BISA will help Bolivian firms enter new markets, opening opportunities for business growth and spurring local job creation.”
Since its inception in 2005, IFC’s award-winning Global Trade Finance Program has issued more than 12,000 guarantees totaling $17 billion to banks on trade-related payment obligations of its financial institution clients in emerging markets. Most significantly, in fiscal year 2011, some 53 percent of the total volume supported trade in the world’s poorest countries, and 79 percent went to small and medium enterprises. The program includes more than 200 partner banks in over 90 emerging-market countries.
For more information on the program, contact Antonio Alves, Principal Regional Head of Trade Finance for Latin America and the Caribbean, at aalves1@ifc.org, or visit
www.ifc.org/trade
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About Banco BISA S.A.
Banco BISA S.A. is Bolivia’s third-largest commercial bank with a market share of 15 percent by assets, 14 percent by deposits, and 10 percent by loans. With more than 50 years of history, the bank is well-recognized in the local financial system, working with large corporations, small and medium enterprises, and now microenterprises through a microfinance unit established last year. Banco BISA is part of locally owned Grupo BISA, the largest financial conglomerate in Bolivia. For more information, visit
www.grupobisa.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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