Washington, DC, April 29 2009—IFC,
a member of the World Bank Group, announced today that Banco G&T Continental
has become the first bank in Guatemala to join the IFC Global Trade Finance
Program. The program will help the bank increase access to finance for
businesses in Guatemala and boost the country’s share of global trade.
Through the IFC Global Trade Finance Program, Banco G&T Continental
is supporting two import and pre-export financing transactions totaling
$20 million. The transactions support international trade in food products,
including sugar and sesame, and machinery such as turbo generators and
excavating machines. The disbursement is scheduled for April 15th,
Erwin Prera Soria, Banco G&T Continental CFO, said, “Our involvement
in the IFC Global Trade Finance Program will allow us to better support
our trade clients in export or import transactions involving a wide variety
Marcos Brujis, IFC Manager for Mexico and Central America, said, “IFC
support to Banco G&T Continental is part of our strategy to increase
financing solutions and access to international markets for small and medium-sized
enterprises (SMEs) in Guatemala. The strength of international commerce
in Central America will contribute to the integration and development of
IFC expects to strongly increase its role in the Guatemalan trade finance
market with a focus on SMEs and the agribusiness and infrastructure sectors.
Since launching the Global Trade Finance Program in the region in February
2006, IFC has issued $1.25 billion in guarantees to facilitate trade flows
with Latin America and the Caribbean. The network of issuing banks for
the region has expanded to 36 banks in 15 countries, including: Argentina,
Bolivia, Brazil, Costa Rica, the Dominican Republic, Ecuador, Guatemala,
Haiti, Honduras, Mexico, Nicaragua, Paraguay, Peru, St. Lucia, and Uruguay.
More than 40 percent of the guarantees issued benefited local small and
midsize businesses and supported interregional trade flows between emerging
IFC’s Global Trade Finance Program supports trade with emerging markets
worldwide and promotes flows of goods and services between developing countries.
IFC provides guarantee coverage of bank risk in emerging markets, allowing
recipients to expand their trade finance transactions within an extensive
network of countries and banks. Antonio Alves is the IFC Head of Trade
Finance for Latin America and the Caribbean (email: AAlves1@ifc.org).
For more information, visit www.ifc.org/gtfp.
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing private capital, and providing advisory and risk mitigation
services to businesses and governments. Our new investments totaled $16.2
billion in fiscal 2008, a 34 percent increase over the previous year. For
more information, visit www.ifc.org.
About Banco G&T Continental
G&T Continental is a Financial Group with more than US$ 4,350 million
dollars in assets, over 1.7 million customers and users and 350 agencies
and service points over the country. It has a presence in the market of
The United States, El Salvador, Costa Rica and Panama. In 2007, following
the acquisition of the Group Banex Figsa in Guatemala, is positioned as
the fifth of a total of 81 Financial Groups in Central America, and has
consolidated within the National Banking System, as the second largest
Financial Institution in Guatemala. In 2006, G&T Continental Bank was
rated by the most important risk assessors in the world, Standard and Poor's.