Washington, D.C., October 28, 2009—IFC,
a member of the World Bank Group, will provide Banco Bradesco Argentina
S.A. with trade finance guarantees that will allow the bank to increase
financing for clients’ foreign trade transactions, helping lessen the
impact of the global financial crisis.
By joining IFC’s Global Trade Finance Program as an issuing bank, Banco
Bradesco Argentina, a subsidiary of Banco Bradesco Brazil, will be able
to expand access to trade finance for businesses operating in key export
and import sectors.
“We are pleased to join IFC’s trade finance program,” said Arnaldo Silva,
Director and General Manager of Banco Bradesco Argentina. “This will expand
our access to trade finance lines from international banks and allow us
to continue supporting the growth of trade business between Brazil and
Enrique Cañas, IFC Country Manager for Argentina, Chile, Paraguay, and
Uruguay, said: “This new association is consistent with IFC’s strategy
in Argentina—to promote South-South investments— and with our commitment
to strengthening the local financial market.”
IFC’s trade finance program supports trade in emerging markets by providing
partial or full guarantees for individual trade transactions, using payment
risk guarantees to international banks that issue financing to banks in
emerging markets. The program helps banks boost their capacity for delivering
trade finance in challenging markets.
Since launching the Global Trade Finance Program in 2005, IFC has issued
$1.5 billion in guarantees to facilitate trade flows with Latin America
and the Caribbean. The network of issuing banks for the region has expanded
to 45 banks in 17 countries. More than 45 percent of the guarantees issued
benefited local small and midsize businesses and supported interregional
trade flows between emerging market nations. In total, the program has
issued $3 billion in guarantees worldwide, through a network of more than
300 participating banks.
For more information about the program, contact Antonio Alves, Head of
Trade Finance for Latin America and the Caribbean, at firstname.lastname@example.org,
or 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 $14.5
billion in fiscal 2009. For more information, visit www.ifc.org.
About Banco Bradesco Argentina S.A.
Banco Bradesco Argentina S.A. is a subsidiary of Banco Bradesco S.A.,
the second-largest private bank in Brazil with 99.99 percent of shareholder
participation. Bradesco Argentina’s financial statements are included
in the consolidated financial statements of Banco Bradesco Brazil. Standard
& Poor’s has granted Banco Bradesco Argentina a raA+ rating with stable
outlook. For more information, visit www.bradesco.com.br.