Multibank Joins IFC Program

Multibank joins IFC Program to expand trade financing for panamanian businesses.

Wednesday, July 8, 2009


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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.



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