Washington, DC, May 28, 2009—IFC,
a member of the World Bank Group, announced today that it will work with
Banco de la Producción, S.A. (Banpro) to expand trade opportunities for
companies in Nicaragua and increase the country's share of global trade.
Banpro is the second bank in Nicaragua to join the IFC Global Trade Finance
Program, which supports trade with emerging markets by guaranteeing the
risks that banks assume in trade transactions. By increasing banks’ capacity
to provide trade finance, IFC aims to increase developing countries’ share
of global trade and promote flows of goods and services.
Luis A. Rivas, Banpro’s General Manager, said, “We are delighted
to join the IFC Global Trade Finance Program and enhance our capacity to
provide trade finance funding and services to our clients. This step is
especially important to expand access to finance for Nicaragua’s agribusiness
export sector, a priority for Banpro and a significant source of job creation.”
IFC Vice President Thierry Tanoh said, “Through this partnership, IFC
can offer access to a larger network of banks for Banpro’s clients. Strengthening
international trade and supporting firms that are important generators
of economic growth and job opportunities are essential components of IFC’s
strategy in Nicaragua.”
Under the Global Trade Finance Program, IFC has issued $1.38 billion in
guarantees to facilitate trade flows in Latin America and the Caribbean.
The network of issuing banks for the region has expanded to 39 banks in
15 countries: Argentina, Bolivia, Brazil, Costa Rica, the Dominican Republic,
Ecuador, Guatemala, Haiti, Honduras, Mexico, Nicaragua, Paraguay, Peru,
St. Lucia and Uruguay.
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 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 $16.2
billion in fiscal 2008, a 34 percent increase over the previous year. For
more information, visit www.ifc.org.
Banpro is a member of PROMERICA FINANCIAL CORPORATION (PFC), which owns
banks and finance companies in all the countries of Central America, Panama,
The Dominican Republic and Ecuador. Banpro is the leading commercial bank
in Nicaragua, with over USD1 Billion in total assets, and over 28% market
share. The bank offers a wide variety of innovative financial products
and services to corporate clients, small and medium enterprises in all
sectors of the economy as well as to individuals. Banpro is PFC’s flagship
bank accounting for approximately 33% of PFC’s assets and more than half
of its net income. Banpro was rated A-(nic) and F2(nic) by Fitch in October
2008. For more information, visit www.banpro.com.ni.