Banco ABC Brasil has joined the IFC’s trade finance programme, enabling the bank to improve access to trade finance for Brazilian importers and exporters and reduce the impact of the global financial crisis.
Banco ABC is the tenth Brazilian bank to join IFC’s global trade finance programme, which promotes trade with emerging markets worldwide in a number of industries.
Banco ABC Brasil specialises in extending credit to midsize and large companies.
“This new partnership with a respected multilateral provides an opportunity to broaden our funding alternatives with correspondent banks all over the world and to diversify our trade finance business,” says Angela Martins, director, international division, Banco ABC Brasil.
Atul Mehta, IFC director for Latin America and the Caribbean, comments: “ABC’s entry as the tenth Brazilian bank in the programme will enhance and encourage trade operations in the country and help the bank improve its availability of trade lines in these times of global liquidity constraint.”
Under the programme, IFC has issued US$1.38bn in guarantees to facilitate trade flows in Latin America and the Caribbean. Over 40% of the guarantees issued benefited local small and medium businesses and supported interregional trade flows between emerging market nations.
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