Paramaribo, Suriname, April 12, 2012—IFC,
a member of the World Bank Group, today signed its first project in the
Republic of Suriname, helping De Surinaamsche Bank finance international
trade and promote local economic development.
De Surinaamsche Bank, or DSB, will receive
a $5 million trade credit line as an issuing bank under the IFC Global
Trade Finance Program, or GTFP. The program supports trade in emerging
markets by providing partial or full guarantees for individual trade transactions
backed by IFC’s triple-A rating. By joining the GTFP, DSB will be able
to expand trade-finance solutions to small and medium enterprises in key
export and import sectors.
Suriname, whose economy is dominated by agribusiness
and extractive industries, became the 183rd member state of IFC in September
2011. The DSB project is the first initiative by any member of the World
Bank Group in Suriname.
“With IFC’s support, DSB will be able to
grow its business and provide clients with new products and services to
support their trade transactions in overseas markets,” said Sigmund Proeve,
CEO of DSB. “By sustaining local industries, our bank will have a fundamental
role to play in promoting economic expansion for years to come.”
Jun Zhang, IFC Caribbean Regional Manager,
said: “IFC’s first investment in Suriname will help local businesses,
especially small and medium enterprises, connect with regional and global
markets. Developing the country’s financial sector will be critical to
ensure sustainable economic growth.”
Since its inception in 2005, IFC’s award-winning
GTFP has issued more than 11,000 guarantees totaling $17 billion to banks
on trade-related payment obligations of its financial institution clients
in emerging markets. Most significantly, in fiscal year 2011, 53 percent
of the program’s total volume was to support trade in the world’s poorest
countries, and 79 percent went to SMEs. The program includes more than
200 partner banks globally, including 60 banks across 22 countries in Latin
America and the Caribbean.
For more information on the program, contact
Antonio Alves, Senior Regional Head of Trade Finance for Latin America
and the Caribbean, at email@example.com, or visit www.ifc.org/gtfp.
About De Surinaamsche Bank
Established in 1865, De Surinaamsche Bank
N.V. is the largest bank in Suriname. De Surinaamsche Bank operates from
its head office and nine branches, has more than 60 ATMs, and is staffed
by 371 employees. In fiscal year 2011, De Surinaamsche Bank has maintained
its leadership position in the local market and experienced significant
net profit growth. For more information, visit www.dsbbank.sr.
IFC, a member of the World Bank Group, is
the largest global development institution focused exclusively on the private
sector. We help developing countries achieve sustainable growth by financing
investment, providing advisory services to businesses and governments,
and mobilizing capital in the international financial markets. In fiscal
2011, amid economic uncertainty across the globe, we helped our clients
create jobs, strengthen environmental performance, and contribute to their
local communities—all while driving our investments to an all-time high
of nearly $19 billion. For more information, visit www.ifc.org.