IDB Invest, member of the Inter-American Development Bank (IDB) Group, and Banco Ficohsa Nicaragua, S.A. (BFN) signed a credit facility for $5 million with the objective of strengthening the import and export sector in Nicaragua.
The credit facility will help BFN's efforts to support foreign trade operations, thus expanding its portfolio of corporate and small and medium-sized enterprises (SMEs), and diversifying its funding sources.
With a consolidated banking system, Nicaragua is seeing an accelerated growth of its economy. The market perceives a need for incremental trade financing to give greater support to foreign trade. At present, 40 percent of Nicaragua's foreign trade is with the United States, and another 40 percent with the rest of Central America.
This facility will allow the commercial clients of BFN to confirm and notify foreign trade operations, expanding the BFN correspondent network, which extends through the international operating centers of Miami, Hong Kong, Taipei, Tokyo, Seoul and London.
About IDB Invest
IDB Invest, a member of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting the private sector in Latin America and the Caribbean. It finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region. With a current portfolio of $11.2 billion under management and 330 clients in 23 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients. As of November 2017, IDB Invest is the trade name of the Inter-American Investment Corporation. www.idbinvest.org.
About Grupo Financiero Ficohsa
Grupo Financiero Ficohsa (GFF), headquartered in Panama, is one of the main financial groups in Central America. It has assets of more than $4 billion and a capital base of more than $530 million. GFF is comprised of nine companies: Banco Ficohsa Honduras, Banco Ficohsa Guatemala, Banco Ficohsa Nicaragua and Banco Ficohsa Panama, Ficohsa Seguros, Ficohsa Casa de Bolsa, Ficohsa Credit Cards, Ficohsa Pensions and Ficohsa House of Change. GFF has more than 20 years of experience in banking and insurance. For more information, visit: www.ficohsa.com, Facebook: www.facebook.com/bancoficohsanicaragua.
- Ana Lucia Escudero