Central America could improve its competitiveness and increase trade volumes with the unification of criteria for logistics processes under "a regional vision," said an expert from the International Finance Corporation (IFC).
Central America has to "make an effort" to improve its foreign trade logistics processes, "but with a regional vision (...), this is critical," said Peruvian Alvaro Quijandria, regional manager of IFC Investment Climate Latin America and the Caribbean, World Bank (WB), to Efe according to LaTribuna.hn review.
"It is imperative" that logistics are unified "for greater international competitiveness," said Quijandria. The expert gave the example that if Central America managed to reduce transport times for cargo by 10%, the volume of trade would increase by 3.5%.
Quijandria said that if there were "an integrated vision for the entire chain involved in the operation of foreign trade," there would also be a decrease in costs.
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To become a global logistics center, Panama needs to efficiently integrate the various components involved in this sector.
Panama is already a leading player in world logistics, and most of its assets "provide excellent results individually, but lack a collective sense."
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.
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.
Finally the geopolitical reality has been imposed and the Canal country has been formally integrated into the community of Central America nations.
It was "a great achievement" and one "longed for for many years by all Central American countries", this was Panama's accession to SIECA, an organ of the Central American Integration System (SICA), said Anabel Gonzalez, Costa Rican Foreign Trade Minister.