Washington, D.C., December 10, 2007—IFC,
a member of the World Bank Group, today announced that Brazil’s Banco
Pine has joined its Global Trade Finance Program as an issuing bank. Banco
Pine has already completed the first transaction under the program.
The IFC Global Trade Finance Program promotes
trade with emerging markets worldwide by supporting flows of goods and
services to and from developing countries. Through the program, 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 improve their trade finance coverage.
Marcia Pinheiro, Head of the International
Department at Banco Pine, said, “IFC’s Global Trade Finance Program will
extend and complement our trade capacity by increasing our network of correspondent
banks and enhancing our ability to provide customers with trade solutions
and access to international markets. The program will also support the
development and expansion of our SME business.”
Through its first transaction under the program,
Banco Pine provided a pre-export financing to a midsize Brazilian exporter
that will export capital goods to Canada and the United States. The total
amount of this transaction was $2 million, with a tenor of 180 days.
Andrew Gunther, IFC Country Manager for Brazil,
said, “The Global Trade Finance Program is a key element of IFC’s strategy
in Brazil, reaching out to midsize banks that support the growth of small
and medium enterprises.”
Other Brazilian banks in IFC’s program are
Banco Indusval, BICBANCO, Banco Comercial Uruguay, Banco Portugues de Negocios,
and Daycoval. For these banks, IFC has provided guarantees for pre-export
finance transactions, import finance transactions, and import letters of
credit for a total value of $ 472 million since its inception in the country
in February 2006.
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 loan participations
and structured finance for 299 investments in 69 developing countries.
IFC also provided advisory services in 97 countries. For more information,
For information on the IFC Global Trade Finance
Program, visit www.ifc.org/gtfp.
About Banco Pine
Banco Pine, a private multiple bank, specializes
in two of the most attractive niches in the credit market: credit to midsize
companies and personal credit through payroll loans. The corporate credit
segment, which makes up the largest share on the net income, is carried
through structured collateralized operations. The consumer credit segment
is performed by means of personal credit through payroll loans to civil
servants and beneficiaries in the National Social Security System. On a
complementary basis, Banco Pine offers specific credit lines to large corporations.
For information, visit www.bancopine.com.br/ir.