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Washington, D.C., May 27, 2009—
IFC, a member of the World Bank Group, announced today that Banco Industrial has joined the IFC Global Trade Finance Program, which will enable the bank to access a global network of bank relationships and enhance its support for small and medium enterprises in Guatemala.
The Global Trade Finance Program supports trade with emerging markets by providing risk mitigation. By extending and complementing banks’ capacity to provide trade finance, IFC aims to increase developing countries’ share of global trade and promote flows of goods and services among those countries.
Diego Pulido, Corporate CEO of Banco Industrial,
said, “We are delighted to be a part of the Global Trade Finance Program, which will allow us to provide greater trade financing to our clients and contribute to further economic development in Guatemala.”
IFC Vice President Thierry Tanoh said: “By joining the Global Trade Finance Program, Banco Industrial will be able to establish stronger and far reaching relationships with banks in countries that trade with Guatemala. These linkages are a key element of IFC’s strategy for strengthening international commerce in the Central American region.”
Under the Global Trade Finance Program, IFC has issued $1.38 billion in guarantees to facilitate trade flows in Latin America and the Caribbean. The network of issuing banks for the region has expanded to 39 banks in 15 countries: Argentina, Bolivia, Brazil, Costa Rica, the Dominican Republic, Ecuador, Guatemala, Haiti, Honduras, Mexico, Nicaragua, Paraguay, Peru, St. Lucia and Uruguay.
More than 40 percent of the guarantees issued benefited local small and midsize businesses and supported interregional trade flows between emerging market nations. For more information about the program, contact Antonio Alves, Head of Trade Finance for Latin America and the Caribbean Region, 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 $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit
www.ifc.org
.
About Banco Industrial
Banco Industrial was founded in 1967 and is largest bank in Guatemala and largest privately owned bank in Central America (excluding Panama). Banco Industrial is a full-service commercial bank providing a wide range of financial services to over 1.7 million customers. Its main business lines include corporate, retail and international banking, as well as private banking and credit cards. Recently, Banco Industrial has focused in providing financial solutions and assistance to SMEs across the country through the largest nationwide service infrastructure in Guatemala.
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