Press Releases
print

IFC INVESTS IN GUYAM BANK


Jannette Esguerra
Phone: (202) 458-5204
Fax: (202) 974-4384
E-mail: jesguerra@ifc.org


WASHINGTON, D.C., June 23, 2000 —The International Finance Corporation is helping to develop Guyana's financial markets with a US$1 million equity investment to establish Guyana Americas Merchant Bank (GuyAm Bank) as the country's first merchant bank.
In addition to IFC, GuyAm shareholders include Secure International Finance Inc., a member of the Beherry group of companies, and the Guyana Bank for Trade and Industry.
GuyAm Bank will begin operations with an initial equity capital of $5 million and will provide local middle market companies with access to domestic and foreign financing. The bank will offer technical assistance to companies in need of restructuring and business plan development as well as brokerage services, dollar lending and underwriting services.
Through this investment, GuyAm Bank can extend financing to the traditional family-owned businesses in Guyana and help them to build expertise and develop into internationally competitive companies, said Mary Ellen Iskenderian, IFC Manager for Latin America and the Caribbean.
The mission of IFC, part of the World Bank Group, is to promote private sector investment in developing countries, which will reduce poverty and improve people's lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, and provides technical assistance and advice to governments and businesses.