Banco Industrial do Brasil has joined IFC’s global trade finance programme (GTFP), enabling it to expand trade financing for small and midsize businesses.
Banco Industrial do Brasil’s first use of the programme will be US$2.5mn in export financing to facilitate a coffee trade between a local client and buyers in Europe, says Guilherme Gottardi, the bank’s international division chief.
“This partnership with the global trade finance programme will help us increase our capacity to provide export financing to our small and medium enterprise clients and also increase access to new markets around the world,” says Eduardo Guimaraes, Banco Industrial do Brasil’s chief financial officer.
Since launching the programme, IFC has issued US$2bn in guarantees to facilitate trade flows with Latin America and the Caribbean, with a network of 46 issuing banks in the region. More than 40% of the guarantees issued have benefited local small and midsize businesses and supported interregional trade flows between emerging market nations.
Andrew Gunther, IFC’s Brazil country manager, comments: “The entry of Banco Industrial do Brasil into the programme is a key element of IFC’s efforts to strengthen the support of small and medium enterprise clients in the dynamic economy of Brazil.”
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