Washington, D.C., December 8, 2009—
IFC, a member of the World Bank Group, today announced that Banco Industrial do Brasil joined IFC’s Global Trade Finance Program. The Brazilian bank now gains access to an extensive network of international banks, enabling it to expand trade financing for small and midsize businesses.
“This partnership with the Global Trade Finance Program will help us increase our capacity to provide export financing to our small and medium enterprise clients and also increase access to new markets around the world,” said Eduardo Guimaraes, Chief Financial Officer of Banco Industrial do Brasil.
Andrew I. Gunther, IFC’s Brazil Country Manager, said, “The entry of Banco Industrial do Brasil into the program is a key element of IFC’s efforts to strengthen the support of small and medium enterprise clients in the dynamic economy of Brazil.”
The Global Trade Finance Program issues trade guarantees for banks operating in emerging markets, helping mitigate the risks that might otherwise stop a bank from financing a trade. Banco Industrial do Brasil’s first use of the program will be $2.5 million in export financing to facilitate a coffee trade between a local client and buyers in Europe, said Guilherme C. Gottardi, the bank’s international division chief.
Since launching the program, IFC has issued $2.0 billion in guarantees to facilitate trade flows with Latin America and the Caribbean, with a network of 46 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 market nations.
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, Head of Trade Finance for Latin America and the Caribbean, at aalves1@ifc.org or visit
www.ifc.org/gtfp
.
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
About Banco Industrial do Brasil
Banco Industrial do Brasil, owned by Carlos Mansur, was established in 1994. The bank is headquartered in São Paulo, and has branches in Campinas, Rio de Janeiro, Curitiba, and Salvador. With 220 employees, it focuses on small and medium enterprises. The bank was awarded the best bank for Middle Market in Brazil by Risk Bank in 2006 and 2007.
