World Bank Group member IFC has announced that Banco G&T Continental has become the first bank in Guatemala to join the IFC global trade finance programme. The programme will help the bank increase access to finance for businesses in Guatemala and boost the country’s share of global trade.
Through the IFC’s programme, Banco G&T Continental is supporting two import and pre-export financing transactions totalling US$20mn. The transactions support international trade in food products, including sugar and sesame, and machinery such as turbo generators and excavating machines. The disbursement is scheduled for April 15, 2009.
Erwin Prera Soria, Banco G&T Continental CFO, comments, “Our involvement in the IFC global trade finance programme will allow us to better support our trade clients in export or import transactions involving a wide variety of products."
Marcos Brujis, IFC manager for Mexico and Central America, adds, “IFC support to Banco G&T Continental is part of our strategy to increase financing solutions and access to international markets for small-and-medium-sized enterprises (SMEs) in Guatemala. The strength of international commerce in Central America will contribute to the integration and development of the region."
IFC expects to strongly increase its role in the Guatemalan trade finance market with a focus on SMEs and the agribusiness and infrastructure sectors.
Since launching the global trade finance programme in the region in February 2006, IFC has issued US$1.25bn in guarantees to facilitate trade flows with Latin America and the Caribbean.
Last Updated April 30, 2009
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