Interbanco is First Bank in Paraguay to Join the IFC Global Trade Finance Program
IFC, a member of the World Bank Group, today announced that Interbanco S.A. is the first bank in Paraguay to join its Global Trade Finance Program as an issuing bank.
IFC’s revolving guarantee facility will extend the geographical reach and availability of confirmation lines for documentary credits originated by Interbanco. This will benefit Paraguayan importers by providing better access to letter of credit confirmations.
Claudio Yamaguti, Interbanco’s CEO, said, “We are delighted to be the first bank in Paraguay to join the IFC Global Trade Finance Program and to initiate a relationship with IFC. Through the program, Interbanco will be able to access a wide network of correspondent banks and leverage numerous trade transactions with new regions.”
IFC Global Trade Finance Program promotes trade with emerging markets worldwide by supporting flows of goods and services to and from developing countries. 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 to enhance their trade finance coverage.
Yolande Duhem, IFC Senior Manager for the Southern Cone, said, “IFC Global Trade Finance Program will allow Interbanco to scale up its trade finance business and enhance the bank’s ability to provide efficient trade solutions for clients, especially Paraguay’s small and medium enterprises.”
In Paraguay, IFC focuses on supporting projects with a high development impact. IFC is also looking into providing advisory services on the business enabling environment and access to finance, specifically to support microfinance and housing finance.
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