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Washington D.C., January 25, 2008
—IFC, a member of the World Bank Group, today announced that Interbanco S.A. is the first bank in Paraguay to join its Global Trade Finance Program as an issuing bank.
IFC’s revolving guarantee facility will extend the geographical reach and availability of confirmation lines for documentary credits originated by Interbanco. This will benefit Paraguayan importers by providing better access to letter of credit confirmations.
Claudio Yamaguti, Interbanco’s CEO, said, “We are delighted to be the first bank in Paraguay to join the IFC Global Trade Finance Program and to initiate a relationship with IFC. Through the program, Interbanco will be able to access a wide network of correspondent banks and leverage numerous trade transactions with new regions.”
IFC Global Trade Finance Program promotes trade with emerging markets worldwide by supporting flows of goods and services to and from developing countries. IFC provides guarantee coverage of bank risk in emerging markets, allowing recipients to expand their trade finance transactions within an extensive network of countries and banks and to enhance their trade finance coverage.
Yolande Duhem, IFC Senior Manager for the Southern Cone, said, “IFC Global Trade Finance Program will allow Interbanco to scale up its trade finance business and enhance the bank’s ability to provide efficient trade solutions for clients, especially Paraguay’s small and medium enterprises.”
In Paraguay, IFC focuses on supporting projects with a high development impact. IFC is also looking into providing advisory services on the business enabling environment and access to finance, specifically to support microfinance and housing finance.
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that poor people have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit
www.ifc.org
.
IFC Global Trade Finance Program
Since the launch of the Global Trade Finance Program in Latin America and the Caribbean in February 2006, IFC has issued $430 million in guarantees in eight countries: Argentina, Bolivia, Brazil, the Dominican Republic, Ecuador, Haiti, Mexico, and Uruguay. Brazil accounts for the highest volume, primarily for pre-export financing. Argentina’s volume is the next highest. Over 50 percent of the guarantees issued benefited small and midsize businesses and supported interregional trade flows between emerging markets. Main industries covered include agribusiness, automotives, consumer goods, industrial goods, commodities, oil and gas, telecommunications, and textiles. For more information, visit
www.ifc.org/gtfp
.
About Interbanco
Interbanco S.A., established in 1978 in Asunción, is a leading financial institution, ranking as Paraguay’s first largest private bank in terms of assets. It offers a wide range of financial products and services to all commercial segments through 1
8
branches nationwide. Interbanco has the support of UNIBANCO Brasil, one of the leading banks in South America. In October 2006 Interbanco officially presented American Express Credit Cards in Paraguay, being the only intermediary with the exclusive franchise of American Express in Paraguay. In 2007 the magazine
Global Finance
selected Interbanco as one of the Best Banks in Emergent Latin American Countries. In 2008, Interbanco will complete 30 years of successful operations in Paraguay.
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