Washington D.C., January 25, 2008—IFC,
a member of the World Bank Group, today announced that Interbanco S.A.
is the first bank in Paraguay to join its Global Trade Finance Program
as an issuing bank.
IFC’s revolving guarantee facility will extend the geographical reach
and availability of confirmation lines for documentary credits originated
by Interbanco. This will benefit Paraguayan importers by providing better
access to letter of credit confirmations.
Claudio Yamaguti, Interbanco’s CEO, said, “We are delighted to be the
first bank in Paraguay to join the IFC Global Trade Finance Program and
to initiate a relationship with IFC. Through the program, Interbanco will
be able to access a wide network of correspondent banks and leverage numerous
trade transactions with new regions.”
IFC Global Trade Finance Program promotes trade with emerging markets worldwide
by supporting flows of goods and services to and from 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 and to enhance their trade finance coverage.
Yolande Duhem, IFC Senior Manager for the Southern Cone, said, “IFC Global
Trade Finance Program will allow Interbanco to scale up its trade finance
business and enhance the bank’s ability to provide efficient trade solutions
for clients, especially Paraguay’s small and medium enterprises.”
In Paraguay, IFC focuses on supporting projects with a high development
impact. IFC is also looking into providing advisory services on the business
enabling environment and access to finance, specifically to support microfinance
and housing finance.
IFC, a member of the World Bank Group, fosters sustainable economic growth
in developing countries by financing private sector investment, mobilizing
private capital in local and international financial markets, and providing
advisory and risk mitigation services to businesses and governments. IFC’s
vision is that poor people have the opportunity to escape poverty and improve
their lives. In FY07, IFC committed $8.2 billion and mobilized an additional
$3.9 billion through syndications and structured finance for 299 investments
in 69 developing countries. IFC also provided advisory services in 97 countries.
For more information, visit www.ifc.org.
IFC Global Trade Finance Program
Since the launch of the Global Trade Finance Program in Latin America and
the Caribbean in February 2006, IFC has issued $430 million in guarantees
in eight countries: Argentina, Bolivia, Brazil, the Dominican Republic,
Ecuador, Haiti, Mexico, and Uruguay. Brazil accounts for the highest volume,
primarily for pre-export financing. Argentina’s volume is the next highest.
Over 50 percent of the guarantees issued benefited small and midsize
businesses and supported interregional trade flows between emerging markets.
Main industries covered include agribusiness, automotives, consumer
goods, industrial goods, commodities, oil and gas, telecommunications,
and textiles. For more information, visit www.ifc.org/gtfp.
Interbanco S.A., established in 1978 in Asunción, is a leading financial
institution, ranking as Paraguay’s first largest private bank in
terms of assets. It offers a wide range of financial products and services
to all commercial segments through 18
branches nationwide. Interbanco has the support of UNIBANCO Brasil, one
of the leading banks in South America. In October 2006 Interbanco officially
presented American Express Credit Cards in Paraguay, being the only intermediary
with the exclusive franchise of American Express in Paraguay. In 2007 the
magazine Global Finance selected Interbanco as one of
the Best Banks in Emergent Latin American Countries. In 2008, Interbanco
will complete 30 years of successful operations in Paraguay.
For more information, visit www.interbanco.com.py.