Washington, D.C., February 3, 2011—IFC,
a member of the World Bank Group, welcomed Guyana Bank for Trade and Industry
Limited to its Global Trade Finance Program at a signing ceremony on Wednesday,
February 2nd in Georgetown, Guyana. Through the program, the bank
will expand access to trade finance for local small and medium enterprises.
IFC’s Global Trade Finance Program
supports trade in emerging market countries by providing partial or full
guarantees for individual trade transactions, through an effective mitigation
instrument, the IFC’s triple-A credit rating.
By joining IFC’s trade program as an
issuing bank, Guyana Bank for Trade and Industry, which has a rich and
successful history of more than 160 years, will be able to expand its trade
finance solutions to small and medium enterprises operating in key export
and import sectors.
“We are extremely pleased to join IFC’s
Global Trade Finance Program,” said John Tracey, Chief Executive Officer
of Guyana Bank for Trade and Industry. “This facility will enhance
our ability to serve our customers and increase trade flows that generate
prosperity for our country and our economy.”
Jun Zhang, IFC Country Manager for the
Caribbean region, said, “We welcome Guyana Bank for Trade and Industry
to our program. This first-time trade investment in Guyana shows
IFC’s ability to provide integrated solutions for financing importers
and exporters and a commitment to supporting Guyana’s financial market.”
Zhang noted that IFC also intends to offer advisory services in collaboration
with partners like the Canadian International Development Agency (CIDA).
IFC’s Global Trade Finance Program
issued more than $3.3 billion dollars in guarantees to facilitate trade
flows in Latin America and the Caribbean since the program’s inception
in the region in 2006. IFC’s network includes 55 issuing banks in
20 countries in the region. Nearly 70 percent of the guarantees issued
benefited local small and midsize businesses and supported interregional
trade flows between emerging-market nations. The program has issued
$9.2 billion in guarantees worldwide. Latin America and the Caribbean
has been the most active region for the past three fiscal years, representing
about a third of the program’s global volume.
For more information about the program,
contact Antonio Alves, Senior Regional Head of Trade Finance for Latin
America and the Caribbean, at Aalves1@ifc.org,
or visit www.ifc.org/gtfp.
IFC, a member of the World Bank Group,
is the largest global development institution focused on the private sector
in developing countries. We create opportunity for people to escape poverty
and improve their lives. We do so by providing financing to help businesses
employ more people and supply essential services, by mobilizing capital
from others, and by delivering advisory services to ensure sustainable
development. In a time of global economic uncertainty, our new investments
climbed to a record $18 billion in fiscal 2010. For more information, visit
About Guyana Bank for Trade and Industry
The Guyana Bank for Trade and Industry
Limited was established in May 1836 as Colonial Bank, the first commercial
bank in British Guiana. The bank was reincorporated under the Colonial
Bank Act 1925 as a result of its merger with the National Bank of South
Africa Limited and the Anglo-Egyptian Bank Limited, and its names changed
to Barclays Bank (Dominion, Colonial and Overseas). The name was shortened
to Barclays Bank D.C.O. in 1954 and changed to Barclays Bank International
Ltd in 1971. In 1985, the bank was registered as a public company
and became known as Barclays PLC. For more information, visit www.gbtibank.com.