Asuncion, Paraguay, August 31, 2016 –
IFC, a member of the World Bank Group, announced that Bancop S.A., the
first bank wholly-owned by cooperatives in Paraguay, has joined its Global
Trade Finance Program to expand access to trade finance for companies operating
in agribusiness and other sectors that are key for Paraguay’s trade balance
and thus for the country’s economic growth.
“We are pleased to join IFC’s Global Trade
Finance Program. This line represents an important step to increase our
support to agribusiness producers and exporters in Paraguay,” said Dimas
Ayala, CEO of Bancop. “The partnership with IFC will also help us
expand our access to trade finance lines from international banks, allowing
us to continue to help finance the growth of the country’s productive
“This is IFC’s second financing to Bancop.
We are pleased to continue to work with Bancop and be able to help
improve access to finance for local companies, supporting the increase
of competitiveness of the Paraguayan economy,” said Ramiro Garcia,
IFC Hub Leader for Financial Institutions Group in the Southern Cone.
“By joining the Global Trade Finance Program, Bancop will be able to establish
stronger and far reaching relationships with banks in countries that want
to trade with Paraguay. These connections are key elements of IFC’s strategy
to strengthen international trade for Paraguay and the region as a whole,”
noted Susanne Kavelaar, IFC Regional Lead Trade and Commodity Finance
for Latin America and the Caribbean.
IFC’s Global Trade Finance Program supports
trade in emerging markets by providing partial or full guarantees for individual
trade transactions through an effective mitigation instrument, IFC’s triple-A
credit rating. From its inception in 2005 till June 2016, IFC’s Global
Trade Finance Program has already supported more than $14 billion in trade
flows in Latin American and the Caribbean countries through its guarantees.
More than 50% of these transactions have benefited local small and midsize
businesses, over 20% were agribusiness related, and over 45% have supported
trade flows between emerging market countries, reinforcing IFC’s goal
to be an important facilitator of South-South investments.
IFC’s strategy in Paraguay promotes access
to finance for the productive sector, supports micro, small, and medium
enterprises, fosters global trade, and protects natural resources through
environmentally sustainable business practices. IFC aims to help boost
financial inclusion and increased access to finance for SMEs to enhance
their competitiveness in important sectors such as agribusiness, which
is a key driver of economic growth and job creation in Paraguay. For more
information about IFC in Latin America and the Caribbean, visit www.ifc.org/lac.
Headquartered in Asuncion, Bancop is the
first bank wholly-owned by cooperatives in Paraguay. The bank, which started
its operations in July 2012, now has nine service centers, including its
headquarters in Asuncion, six branches, one in-store point of service,
and one non-banking correspondent, all of them strategically located in
the most productive areas of the country. Bancop is committed to deliver
high quality, innovative and competitive products and services to its clients.
Its mission is to support the sustainable development of the productive
sector in Paraguay and provide financial services to the different economic
sectors in the country. The bank’s shareholders are 27 Paraguayan production
cooperatives spread throughout the country. The majority of these cooperatives
had their origins in the agribusiness sector and are now owned by their
members. For more information, visit www.bancop.com.py.
IFC, a member of the World Bank Group, is
the largest global development institution focused on the private sector
in emerging markets. Working with 2,000 businesses worldwide, we use our
six decades of experience to create opportunity where it’s needed most.
In FY16, our long-term investments in developing countries rose to nearly
$19 billion, leveraging our capital, expertise and influence to help the
private sector end extreme poverty and boost shared prosperity. For more
information, visit www.ifc.org