IFC, a member of the World Bank Group, will provide a $20 million long-term financing to Banco Improsa in Costa Rica, to expand access to finance for local small and medium enterprises and $5 million in guarantees to expand bank’s capacity to provide trade finance.
Under the terms of the transaction, half of IFC’s $20 million financing to Banco Improsa could be convertible into common shares of Grupo Financiero Improsa, the bank’s holding company.
In addition to the financing, Banco Improsa strengthened its relationship with IFC by joining the Corporation’s Global Trade Finance Program, which supports trade with emerging markets by providing risk mitigation through guarantees and expanding banks’ capacity to provide trade finance. By joining the program, Banco Improsa becomes a new issuing bank with access to a global network of international bank relationships.
Franco Naranjo Jimenez, Banco Improsa’s General Manager, said, “IFC’s financing and our incorporation to its Global Trade Finance Program will help us further support SME operations in Costa Rica, which are an essential engine from economic growth and job creation in the country. We welcome this partnership with IFC and look forward to strengthening it in the future.”
Atul Mehta, IFC Director for Latin America and the Caribbean region, said: “IFC support to Banco Improsa is part of our strategy to expand access to finance for key productive sectors in Costa Rica and Central America. We also share Banco Improsa’s vision about the importance of strengthening the capacity and operations of SMEs through the services it provides with the Centers of Support and Advisory Services. We look forward to a long-term relationship with Banco Improsa.”
Multibank joins IFC Program to expand trade financing for panamanian businesses.
IFC, a member of the World Bank Group, announced that Multibank today became the first issuing bank in Panama to join IFC’s Global Trade Finance Program to improve access to finance for local importers and exporters and entry to new markets.
The BCIE has granted a credit line to Cathay Bank to support MSME’s, as well as international trade and housing in Costa Rica.
A press release by the Central American Bank for Economic Integration (BCIE) reads:
The Central American Bank for Economic Integration (BCIE) has granted a loan to Banco Cathay allowing it to expand its global credit line to $10.5 million in order to support Micro, Small and Medium Enterprises (MSMEs) as well as international trade and housing Costa Rica.
The commerce program of the IFC supports Atlántida Bank in the expansion of its access to a world trade network.
The International Finance Corporation (IFC), a member of the World Bank Group, announced today that Atlántida Bank of Honduras has joined the Global Program for trade financing of the IFC, which will help the bank to access a world trade network and strengthen its support to SMEs that are dedicated to the import or export of goods in the country.