La Paz, Bolivia, September 3, 2014—IFC,
a member of the World Bank Group, announced that Banco Nacional de Bolivia
S.A. (BNB) has joined its Global Trade Finance Program to expand its trade
finance business and better serve small and medium sized enterprises.
BNB, the second largest bank in Bolivia by market share, will be able to
access IFC’s Global Trade Finance Program through a facility for as much
as $10 million. The program supports trade in emerging nations by providing
risk mitigation by guaranteeing trade-related payment obligations.
By being part of the program, BNB will be able bolster its supports for
the trade finance needs of companies in Bolivia. The program will provide
BNB with access to a global network of 268 Confirming Banks in 101 countries,
facilitate access to trade lines and make it easier for the BNB to provide
integrated trade finance solutions for small and medium-sized businesses.
“We are excited about being part of this program that will allow us to
improve our trade finance services to companies in Bolivia, and we will
strengthen our ability to finance importers and exporters so they can have
easier access to international markets,” said Patricio Garrett, BNB Vice-president.
The Global Trade Finance Program (GTFP) allows IFC to provide a flexible
platform to support transactional trade around the world. The Program is
part of IFC’s holistic trade and supply chain set of solutions designed
to address trade and working capital needs in emerging markets.
“This partnership with BNB will help us bolster the trade finance capacity
of a bank which has strategic relevance for the import and export sector
in Bolivia,” said Marcelo Castellanos, IFC’s Acting Regional Manager
for the Andean region. “IFC is happy to welcome BNB to our Global Trade
Finance Program as part of our efforts to help strengthen and foster the
development of financial markets in Bolivia,” Castellanos said.
IFC’s Global Trade Finance Program has issued more than US$8.7 billion
in guarantees to facilitate trade flows in Latin America and the Caribbean
countries. Nearly 70% of the guarantees issued benefited local small and
midsize businesses and 36% of the guarantees supported interregional trade
flows among emerging market countries.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in about 100 countries, we use our capital, expertise, and
influence to help eliminate extreme poverty and boost shared prosperity.
In FY14, we provided more than $22 billion in financing to improve lives
in developing countries and tackle the most urgent challenges of development.
For more information, visit www.ifc.org.