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De Surinaamsche Bank N.V. joins the IDB trade finance program

De Surinaamsche Bank N.V. (DSB) became the first bank in Suriname to join the Inter-American Development Bank’s Trade Finance Facilitation Program (TFFP) as an issuing and confirming bank.

At a ceremony held in Paramaribo, the IDB Country Representative for Suriname, Mr. Marco Carlo Nicola, and DSB's General Manager, Mr. Sigmund Proeve, signed the Issuing Bank Agreement, Confirming Bank Agreement and Master Participation Agreement, formalizing DSB’s participation in the TFFP, which mobilizes resources to promote trade, a key engine for growth in Latin America and the Caribbean.

Mr. Gillmore Hoefdraad, President of Centrale Bank van Suriname, served as Honorary Witness to the signing.

By joining the TFFP, DSB will be able to further issue letters of credit, grant import or export financing and issue guarantees for their clients with confirming banks in the program, with the IDB acting as guarantor for these transactions.

TFFP

Launched in 2005, the TFFP is an effective tool for the IDB to support economic growth through the provision of stable and reliable sources of trade finance for financial intermediaries in Latin American and Caribbean countries. In order to diminish risk, access new capital and strengthen competitiveness, the TFFP offers co-lending facilities, A/B loans and guarantees to cover documentary and stand-by letters of credit, bills of exchange, promissory notes, bid bonds, performance bonds, advance payment bonds and other instruments used in international trade transactions.

The TFFP includes a network of 265 Confirming Banks belonging to 101 different international banking groups in over 53 countries, and 77 Issuing Banks in 20 Latin American and Caribbean countries with $1.4 billion in approved credit lines. To date, the IDB has issued guarantees in support of 2,071 individual international trade transactions totaling over $2 billion.

De Surinaamsche Bank (DSB)

Established in 1865, De Surinaamsche Bank N.V. is the largest bank in Suriname. DSB operates from its head office and 9 branches, has more than 60 ATMs and is staffed by 371 employees. With deep roots in the Surinamese community, the Surinaamsche Bank is a customer-focused bank that offers the best financial services to consumers, businesses, institutions and governments. This customer focus derives from its core values and is proudly exhibited by its dedicated staff. In all its activities, DSB seeks to add value to Surinamese society in general and to its customers, employees and shareholders in particular. For further information on DSB, please refer to www.dsbbank.sr.