Banco Internacional Joins IDB Lending Program

Banco Internacional de Guatemala joined the Trade Finance Facilitation Program (TFFP) of the Inter-American Development Bank.

Monday, December 13, 2010

Through this program, the IDB provides guarantees and loans to cover the various types of guarantees required by international trade transactions.

Under the agreement, the IDB provided a credit line of up to 5 million to the International Bank to support export and import transactions with terms of up to 18 months.

"Participating in the TFFP will allow us to continue to grow our business in trade finance and contribute to economic growth in Guatemala," declared the general manager of International Bank, Francisco Naranjo.

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Up until September government institutions had only executed 13% of the total amount of funding provided by the Inter-American Development Bank.

Although changes were made in the legislation to accelerate the implementation of funds in various state entities, there are still obstacles to streamlining processes.

Nicaragua: $55 million for Work on Customs Offices

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Approved resources from an international loan will be allocated to infrastructure improvements at the customs offices of Peñas Blancas, San Pancho and Guasaule.

One of the purposes of the improvements to be undertaken at the customs offices is to reduce the time it takes to process control of goods in transit, something that Nicaraguan businessmen and the region have complained about repeatedly.

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Private Capital Up 8.7% in Guatemala

August 2010

Between January and the first week of August 2010, the level of private capital increased from $6.8 to $7.4 billion.

According to information from the Guatemalan central bank, Banguat, the total for the period to August 2010 is $591 million higher than the same period last year, representing an 8.7% increase.

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