BNA joins BCIE trade facilitation scheme
Argentina’s state-owned bank, Banco de la Nación Argentina (BNA) has joined the Central American Bank for Economic Integration’s (BCIE’s) trade facilitation scheme, aiming to increase trade with the region.
With this partnership, Argentine importers and exporters will benefit from the International Trade Facilitation Initiative’s (IFACIL’s) guarantee and cash advance products, boosting their competitiveness in Central America and boosting trade between the two parties.
Soraya Bocanegra, BCIE’s foreign trade manager, says IFACIL gives international banks access to a network of local banks covered by BCIE’s credit risk insurance, increasing trade finance transactions towards and within Central America.
BCIE director in El Salvador, Guillermo Funes, explains that IFACIL plays a fundamental role in the sustainable development of small and medium businesses, expanding their trade opportunities and creating employment.
To date, BCIE has signed agreements with a network of corresponding banks in Argentina, Belgium, Scotland, Spain, the US, England, Japan and Switzerland under the initiative.