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Washington, D.C., February 18, 2010—
IFC, a member of the World Bank Group, today announced that Bolivia’s Banco Ganadero joined IFC’s Global Trade Finance Program, which provides guarantees for banks operating in emerging markets to help them expand trade financing for their clients.
IFC’s trade guarantee program helps mitigate risks that otherwise might stop a bank from financing trade in developing economies.
“This relationship with the Global Trade Finance Program will help us increase our capacity to deliver trade products at competitive pricing to a broad number of Bolivian clients, expanding our geographic coverage,” said Ronald Gutiérrez López, Banco Ganadero’s General Manager.
Giri Jadeja, IFC’s Global Financial Markets Regional Senior Manager for Latin America and the Caribbean, said, “The entry of Banco Ganadero into the program is a key element of IFC’s efforts to continue supporting Bolivian small and midsize enterprises active in trade.”
Since launching the Global Trade Finance Program, IFC has issued $2.2 billion in guarantees to facilitate trade flows with Latin America and the Caribbean, with a network of 50 issuing banks in the region. More than 40 percent of the guarantees issued have benefited local small and midsize businesses and supported interregional trade flows between emerging markets.
IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with IBRD, it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries—including by helping extend trade financing in Latin America and the Caribbean.
For more information about the trade 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 IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
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About Banco Ganadero
Banco Ganadero, a Bolivian commercial bank, services corporate, medium and small companies. The bank offers a wide range of financial services, including trade financing. As part of IFC’s Global Trade Finance Program, Banco Ganadero will enhance its range of products, reaching most countries and financial institutions in the international finance business, offering competitive prices to its clients and issuing letters of credit and financing international transactions. For more information, visit
http://www.bg.com.bo/
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