The International Finance Corporation (IFC), the private sector arm of the World Bank Group, has announced that Bicbanco of Brazil has joined its Global Trade Finance Program as an issuing bank, the first bank to do so in the country.
IFC’s programme supports trade with emerging markets worldwide by supporting flows of goods and services to and from developing countries. Through the programme, IFC provides guarantee coverage of bank risk in emerging markets, allowing recipients to expand their trade finance transactions within an extensive network of countries and banks and to enhance their trade finance coverage.
“The Global Trade Finance Program is an important element of IFC’s strategy to reach out to Brazilian banks, particularly those serving the middle market segment, a key area of IFC’s focus in the region,” says Shamsher Singh, IFC’s regional manager, financial markets field and portfolio.
Paulo Celso del Ciampo, Bicbanco’s executive director, adds, “Participating in the Global Trade Finance Program will help us build a strong relationship with IFC and enable us to provide our customers access to developing markets, with an emphasis in Africa where Bicbanco has an important volume of trade business.”