Banco WestLB do Brasil has joined the IFC’s global trade finance programme, enabling the bank to boost trade financing for local clients by giving it access to an extensive network of international banks.
Banco WestLB do Brasil will start using the programme with two export financing deals totaling US$18mn to support the export trade of clients in the commodities industry.
“This relationship with the global trade finance programme will help us increase our capacity to provide export financing to our clients and also increase access to new markets around the world,” says Carlos Eduardo Klingelhoefer da Fonseca, chief of financial institutions for WestLB do Brasil.
Andrew Gunther, IFC’s Brazil country manager, comments: “WestLB do Brasil’s entry into the programme is a key element of IFC’s efforts to strengthen the support of Brazilian enterprises active in trade.”
Since launching the global trade finance programme, IFC has issued US$2bn in guarantees to facilitate trade flows with Latin America and the Caribbean, with a network of 47 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.
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