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Publish Date : 05-Sep-2014

IFC, a member of the World Bank Group, announced that Banco Nacional de Bolivia S.A. (BNB) has joined its Global Trade Finance Program to expand its trade finance business and better serve small and medium sized enterprises. BNB, the second largest bank in Bolivia by market share, will be able to access IFC’s Global Trade Finance Program through a facility for as much as $10 million. The program supports trade in emerging nations by providing risk mitigation by guaranteeing trade-related payment obligations.

By being part of the program, BNB will be able bolster its supports for the trade finance needs of companies in Bolivia. The program will provide BNB with access to a global network of 268 Confirming Banks in 101 countries, facilitate access to trade lines and make it easier for the BNB to provide integrated trade finance solutions for small and medium-sized businesses. “We are excited about being part of this program that will allow us to improve our trade finance services to companies in Bolivia, and we will strengthen our ability to finance importers and exporters so they can have easier access to international markets,” said Patricio Garrett, BNB Vice-president.

The Global Trade Finance Program (GTFP) allows IFC to provide a flexible platform to support transactional trade around the world. The Program is part of IFC’s holistic trade and supply chain set of solutions designed to address trade and working capital needs in emerging markets. “This partnership with BNB will help us bolster the trade finance capacity of a bank which has strategic relevance for the import and export sector in Bolivia,” said Marcelo Castellanos, IFC’s Acting Regional Manager for the Andean region. “IFC is happy to welcome BNB to our Global Trade Finance Program as part of our efforts to help strengthen and foster the development of financial markets in Bolivia,” Castellanos said.

IFC’s Global Trade Finance Program has issued more than US$8.7 billion in guarantees to facilitate trade flows in Latin America and the Caribbean countries. Nearly 70% of the guarantees issued benefited local small and midsize businesses and 36% of the guarantees supported interregional trade flows among emerging market countries.

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