Banco Financiero Comercial Hondureña S.A. joins IFC’s Global Trade Finance Program
Washington, August 2008—IFC, a member of the World Bank Group, today announced the first trade finance facility for Honduras, as Banco Financiero Comercial Hondureña SA (Ficohsa or the Bank) joined the Global Trade Finance Program (GTFP) as an issuing bank.
Banco Financiero Comercial Hondureña S.A., a subsidiary of Grupo Financiero Ficohsa, is a leading domestic financial institution which initiated operations as a commercial bank in 1994. The Bank initially focused the corporate segment, but in recent years has expanded its business strategy to the small and medium enterprises segment and the retail banking segment. Ficohsa conducts operations through a network of 79 branches and 300 ATMs located in 14 Honduran cities, a representation office in Florida-US and money remittances services in 7 US states.
Earlier in 2008, IFC had established a partnership with Ficohsa to support the origination of housing and small and medium enterprise (SME) loans, through a USD20 million senior loan to fund the Bank. IFC’s strategy in Central American countries is to support the competitiveness of the private sector through investment and advisory services in areas with social developments components, such as housing and SME finance.
Camilo Atala, Ficohsa’s President, said, “We are pleased to be the first bank in Honduras to join the GTFP and to strengthen our relationship with IFC. Through the program, Ficohsa will improve its trade capacity by broadening its access to international markets and extending its geographic coverage.”
Marcos Brujis, IFC Country Manager noted, “IFC’s support, through the GTFP, to one of the locally-owned relevant players in the banking system can contribute to the development and expansion of trade solutions for Honduran companies.”
Launched in 2005, the IFC Global Trade Finance Program supports trade with the emerging markets worldwide by providing risk mitigation. By extending and complementing the banks capacity to deliver trade finance solutions, the program aims to increase developing countries’ share of global trade and promote south-south flows of goods and services. The program supports an extensive network of banks globally and has provided guarantees to facilitate trade for USD 3.5 bi. The IFC Global Trade Finance Program is managed in the region by Antonio Alves, Head of Trade Finance for Latin America and the Caribbean Region.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.