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.
Multibank’s inclusion in the IFC program will allow it to expand its trade finance transactions within an extensive network of countries and banks. IFC’s Global Trade Finance Program promotes trade with emerging markets worldwide in a number of industries. IFC provides guarantees that help banks mitigate risks in emerging markets, allowing recipients to expand their trade finance transactions.
Isaac Btesh, Multibank CEO said “This new relationship with the IFC Global Trade Finance Program will help us increase our capacity to provide trade financing to our small and medium enterprise clients in Panama and increase access to new markets around the world, particularly in Asia.” .
Atul Mehta, IFC Director for Latin America and the Caribbean, said, “Multibank’s entry in the IFC Trade Program is part of our strategy to address the current limited access to trade finance for key firms in Panama and the Central American region.”
Multibank, which in 2008 achieved more than 100% growth in its international trade operations, promptly initiated operations under the IFC program with four import financing transactions totaling $23.4 million to support international trade of manufactured and consumer goods produced in Asia and shipped to Panama.
IFC granted a $20 million loan to Banco Improsa, and auhtorized its incorporation to the Global Trade Finance Program.
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.
IFC announced that the Honduran Bank has joined its global financing for foreign trade program.
Its participation in the program will allow Banpaís to expand its financial transactions to foreign trade with an extensive global network of banks and improve Honduran companies’ access to credit lines for trade.
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.
The IIC financing will create effective mechanisms to channel credits to SMEs in Panama.
The Inter-American Investment Corporation (IIC) approved a loan of up to $ 6 million to Multibank, Inc. for the financing of SMEs in Panama by leasing and factoring, working capital and housing for Panamanian citizens.
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