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Washington, D.C., December 10, 2007
—IFC, a member of the World Bank Group, today announced that Brazil’s Banco Pine has joined its Global Trade Finance Program as an issuing bank. Banco Pine has already completed the first transaction under the program.
The IFC Global Trade Finance Program promotes trade with emerging markets worldwide by supporting flows of goods and services to and from developing countries. Through the program, 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 improve their trade finance coverage.
Marcia Pinheiro, Head of the International Department at Banco Pine, said, “IFC’s Global Trade Finance Program will extend and complement our trade capacity by increasing our network of correspondent banks and enhancing our ability to provide customers with trade solutions and access to international markets. The program will also support the development and expansion of our SME business.”
Through its first transaction under the program, Banco Pine provided a pre-export financing to a midsize Brazilian exporter that will export capital goods to Canada and the United States. The total amount of this transaction was $2 million, with a tenor of 180 days.
Andrew Gunther, IFC Country Manager for Brazil, said, “The Global Trade Finance Program is a key element of IFC’s strategy in Brazil, reaching out to midsize banks that support the growth of small and medium enterprises.”
Other Brazilian banks in IFC’s program are Banco Indusval, BICBANCO, Banco Comercial Uruguay, Banco Portugues de Negocios, and Daycoval. For these banks, IFC has provided guarantees for pre-export finance transactions, import finance transactions, and import letters of credit for a total value of $ 472 million since its inception in the country in February 2006.
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 loan participations 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
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For information on the IFC Global Trade Finance Program, visit
www.ifc.org/gtfp
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About Banco Pine
Banco Pine, a private multiple bank, specializes in two of the most attractive niches in the credit market: credit to midsize companies and personal credit through payroll loans. The corporate credit segment, which makes up the largest share on the net income, is carried through structured collateralized operations. The consumer credit segment is performed by means of personal credit through payroll loans to civil servants and beneficiaries in the National Social Security System. On a complementary basis, Banco Pine offers specific credit lines to large corporations. For information, visit
www.bancopine.com.br/ir
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