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Paramaribo, Suriname, April 12, 2012
—IFC, a member of the World Bank Group, today signed its first project in the Republic of Suriname, helping De Surinaamsche Bank finance international trade and promote local economic development.
De Surinaamsche Bank, or DSB, will receive a $5 million trade credit line as an issuing bank under the IFC Global Trade Finance Program, or GTFP. The 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 the GTFP, DSB will be able to expand trade-finance solutions to small and medium enterprises in key export and import sectors.
Suriname, whose economy is dominated by agribusiness and extractive industries, became the 183rd member state of IFC in September 2011. The DSB project is the first initiative by any member of the World Bank Group in Suriname.
“With IFC’s support, DSB will be able to grow its business and provide clients with new products and services to support their trade transactions in overseas markets,” said Sigmund Proeve, CEO of DSB. “By sustaining local industries, our bank will have a fundamental role to play in promoting economic expansion for years to come.”
Jun Zhang, IFC Caribbean Regional Manager, said: “IFC’s first investment in Suriname will help local businesses, especially small and medium enterprises, connect with regional and global markets. Developing the country’s financial sector will be critical to ensure sustainable economic growth.”
Since its inception in 2005, IFC’s award-winning GTFP has issued more than 11,000 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, 53 percent of the program’s total volume was to support trade in the world’s poorest countries, and 79 percent went to SMEs. The program includes more than 200 partner banks globally, including 60 banks across 22 countries in Latin America and the Caribbean.
For more information on the program, contact Antonio Alves, Senior Regional Head of Trade Finance for Latin America and the Caribbean, at aalves1@ifc.org, or visit
www.ifc.org/gtfp
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About De Surinaamsche Bank
Established in 1865, De Surinaamsche Bank N.V. is the largest bank in Suriname. De Surinaamsche Bank operates from its head office and nine branches, has more than 60 ATMs, and is staffed by 371 employees. In fiscal year 2011, De Surinaamsche Bank has maintained its leadership position in the local market and experienced significant net profit growth. For more information, visit
www.dsbbank.sr
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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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