Banco Interamericano de Finanzas (BIF) has become the first bank in Peru to join IFC’s global trade finance programme as an issuing bank.
With IFC’s support, BIF will expand its trade finance capacity to provide loans for pre-export and post-export operations in key job-creating sectors in Peru, including textiles, manufacturing and fishery.
According to the IFC, its global trade finance programme supports trade with emerging markets worldwide by providing risk mitigation. “By extending and complementing banks’ capacity to deliver trade finance solutions, IFC aims to increase developing countries’ share of global trade and promote South-South flows of goods and services. The programme now has a network of more than 300 participating banks from around the world,” said a statement released by the member of the World Bank group.
“IFC´s support to BIF is in line with our strategy in Peru to improve access to finance for SMEs and to expand global trade opportunities for local firms, helping mitigate the impact of the financial crisis,” says Roberto Albisetti, IFC country manager for Colombia, Ecuador, Peru and Venezuela.
IFC’s strategy in Peru is to promote sustainable development by supporting private sector projects. As of June 2008, IFC’s committed portfolio in the country was close to US$500mn.
Since launching the programme, IFC has issued US$1.3bn in guarantees to facilitate trade flows with Latin America and the Caribbean.
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