During its 2008 Annual Meeting of the Inter-American Development Bank, the Structured and Corporate Finance Department of the IDB announces the closing of the first transaction in Costa Rica under its Trade Finance Facilitation Program (TFFP) with Banco Improsa S.A.
Under this transaction, the IDB has extended its guarantee to cover a letter of credit for US$737,087.63 enabling the import of computer hardware and software from the US to Costa Rica by a local electronics company.
The IDB issued this guarantee in coordination with Miami and New York offices of American Express, a bank belonging to Standard Chartered Group.
TFFP
Launched and rolled-out in 2005, the TFFP is an effective tool for the IDB to support economic reactivation and growth through the expansion of financing available for international trade activities of Latin American and Caribbean (LAC) countries.
The TFFP currently comprises a network of 134 Confirming Banks belonging to 61 different international banking groups in over 37 countries, and 31 Issuing Banks in 14 LAC countries with over US$577 million in approved credit lines. To date, the IDB has issued guarantees for over US$266 million in support of 301 individual international trade transactions totaling US$346 million.
Banco Improsa
Banco Improsa is a Costa Rican locally-owned bank specializing in small and medium enterprises, with tailor-made financial products and timely and personalized service. In particular, the TFFP benefits Banco Improsa's clients in the external sector, by enabling the bank to expand its trade finance activities and pass on these benefits to its exporting and importing clients.
During its 2008 Annual Meeting of the Inter-American Development Bank, the Structured and Corporate Finance Department of the IDB announces the closing of the first transaction in Costa Rica under its Trade Finance Facilitation Program (TFFP) with Banco Improsa S.A.
Under this transaction, the IDB has extended its guarantee to cover a letter of credit for US$737,087.63 enabling the import of computer hardware and software from the US to Costa Rica by a local electronics company.
The IDB issued this guarantee in coordination with Miami and New York offices of American Express, a bank belonging to Standard Chartered Group.
TFFP
Launched and rolled-out in 2005, the TFFP is an effective tool for the IDB to support economic reactivation and growth through the expansion of financing available for international trade activities of Latin American and Caribbean (LAC) countries.
The TFFP currently comprises a network of 134 Confirming Banks belonging to 61 different international banking groups in over 37 countries, and 31 Issuing Banks in 14 LAC countries with over US$577 million in approved credit lines. To date, the IDB has issued guarantees for over US$266 million in support of 301 individual international trade transactions totaling US$346 million.
Banco Improsa
Banco Improsa is a Costa Rican locally-owned bank specializing in small and medium enterprises, with tailor-made financial products and timely and personalized service. In particular, the TFFP benefits Banco Improsa's clients in the external sector, by enabling the bank to expand its trade finance activities and pass on these benefits to its exporting and importing clients.