Banco Industrial do Brasil has joined IFC’s global trade finance program. The Brazilian bank now gains access to a network of international banks, enabling it to expand trade financing for small and midsize businesses.
The global trade finance program issues trade guarantees for banks operating in emerging markets, helping mitigate the risks that might otherwise stop a bank from financing a trade. Banco Industrial do Brasil’s first use of the program will be $2.5m in export financing to facilitate a coffee trade between a local client and buyers in Europe.
Eduardo Guimaraes, CFO of Banco Industrial do Brasil, said: “This partnership with the Global Trade Finance Program will help us increase our capacity to provide export financing to our small and medium enterprise clients and also increase access to new markets around the world.”
Andrew Gunther, country manager of Brazil at IFC, said: “The entry of Banco Industrial do Brasil into the program is a key element of IFC’s efforts to strengthen the support of small and medium enterprise clients in the dynamic economy of Brazil.”
