Washington, D.C., April 1, 2009—IFC,
a member of the World Bank Group, announced that Banca Promerica has become
the first bank in Costa Rica to join its Global Trade Finance Program to
expand trade opportunities for local small and midsize businesses.
Banca Promerica, one of the largest banks in Costa Rica, has joined IFC’s
program as an issuing bank. This initiative will help Promerica, which
targets small and medium enterprises, address the impact of the global
financial crisis on its clients.
The IFC Global Trade Finance Program supports trade with emerging markets
worldwide by providing risk mitigation. By extending and complementing
banks’ capacity to deliver trade finance solutions, IFC aims to increase
developing countries’ share of global trade and promote South-South flows
of goods and services. The program now has a network of more than 300 participating
banks from around the world.
“IFC’s trade line will allow us to better assist our SME clients,” said
Mario Castillo, General Manager of Banca Promerica. “We can help them
take advantage of opportunities in the global market, particularly in the
context of the recently signed Costa Rica’s free trade agreements with
the United States, China, and Panama.”
Marcos Brujis, IFC Country Manager for Mexico and Central America, noted:
“IFC’s support for Banca Promerica is part of our strategy to expand
trade finance solutions to SMEs in Costa Rica and Central America, thereby
facilitating their access to international markets. Strengthening international
trade in Central America will contribute to the overall social and economic
development of the region.”
IFC is expanding operations in Central America, focusing on access to finance,
private-sector competitiveness, and infrastructure development. As
of June 2008, IFC’s total portfolio in the region was $644 million, a
19 percent increase over the previous year.
Since launching the Global Trade Finance Program, IFC has issued $1.3 billion
in guarantees to facilitate trade flows with Latin America and the Caribbean.
The network of issuing banks for the region has expanded to 33 banks in
13 countries. More than 40 percent of the guarantees issued benefited local
small and midsize businesses and supported interregional trade flows between
emerging market nations. For more information about the program,
contact Antonio Alves, Head of Trade Finance for Latin America and the
Caribbean Region, at email@example.com,
or visit www.ifc.org/gtfp.
IFC, a member of the World Bank Group, seeks to create opportunity for
people to escape poverty and improve their lives. It fosters 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. Its new investments totaled $16.2
billion in fiscal 2008, a 34 percent increase over the previous year. For
more information, visit www.ifc.org.
For more information about Banca Promerica, please visit: https://www.promerica.fi.cr/.