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Washington, DC, May 28, 2009
—IFC, a member of the World Bank Group, announced today that it will work with Banco de la Producción, S.A. (Banpro) to expand trade opportunities for companies in Nicaragua and increase the country's share of global trade.
Banpro is the second bank in Nicaragua to join the IFC Global Trade Finance Program, which supports trade with emerging markets by guaranteeing the risks that banks assume in trade transactions. By increasing banks’ capacity to provide trade finance, IFC aims to increase developing countries’ share of global trade and promote flows of goods and services.
Luis A. Rivas, Banpro’s General Manager,
said, “We are delighted to join the IFC Global Trade Finance Program and enhance our capacity to provide trade finance funding and services to our clients. This step is especially important to expand access to finance for Nicaragua’s agribusiness export sector, a priority for Banpro and a significant source of job creation.”
IFC Vice President Thierry Tanoh said, “Through this partnership, IFC can offer access to a larger network of banks for Banpro’s clients. Strengthening international trade and supporting firms that are important generators of economic growth and job opportunities are essential components of IFC’s strategy in Nicaragua.”
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 Banpro
Banpro is a member of PROMERICA FINANCIAL CORPORATION (PFC), which owns banks and finance companies in all the countries of Central America, Panama, The Dominican Republic and Ecuador. Banpro is the leading commercial bank in Nicaragua, with over USD1 Billion in total assets, and over 28% market share. The bank offers a wide variety of innovative financial products and services to corporate clients, small and medium enterprises in all sectors of the economy as well as to individuals. Banpro is PFC’s flagship bank accounting for approximately 33% of PFC’s assets and more than half of its net income. Banpro was rated A-(nic) and F2(nic) by Fitch in October 2008. For more information, visit
www.banpro.com.ni
.
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