The Inter-American Development Bank (IDB) announced today the inclusion of Banco Industrial do Brasil as Issuing Bank under its Trade Finance Facilitation Program (TFFP). Under the TFFP, the IDB extends guarantees to cover letters of credit, promissory notes and other instruments used in the financing of international trade transactions. This agreement will support Banco Industrial’s expansion of its trade finance activities with IDB member countries by enabling its access to a broader number of International Confirming Banks participating in the program.
“This announcement is 100% in line with Banco Industrial’s strategy since it will enable us to increase our trade activities, while enhancing our relationship with a very selective group of banks,” said Claudio Torres, Banco Industrial’s head of financial institutions. “It is a great honor and a quality assurance certification to our bank to become an Issuing Bank under the TFFP of the IDB, which is well known for its rigorous credit due diligence.”
About TFFP
Launched in 2005, the TFFP constitutes an effective tool for the IDB to support economic reactivation and growth through the expansion of international trade financing available to Latin American and Caribbean companies. The TFFP currently comprises a network of over 70 Confirming Banks from 33 different international banking groups, and 19 Issuing Banks in 11 Latin American and Caribbean countries, with more than US$400 million in approved credit lines.
To date, the IDB has issued guarantees for over US$60 million in support of approximately 74 individual international trade transactions totaling over US$85 million. For more information on the TFFP, visit www.iadb.org/pri/trade_finance.cfm or contact:
Joao Vianei da Silva at Joaov@iadb.org - 202-623-1352
Tomofumi Watanabe at Tomofumiw@iadb.org - 202-623-3897
Martina Stamm at Martinas@iadb.org - 202-623-1296
About Banco Industrial do Brasil
Banco Industrial do Brasil is a mid-size Brazilian bank with approximately US$427.1million in assets. It is headquartered in Sao Paulo with domestic branches primarily in the south and southeast regions of Brazil. The bank provides financial services mainly to middle market companies and individuals. Here, the TFFP is expected to play a meaningful role in assisting Banco Indsutrial to broaden its international funding base among existing and new international correspondent banks. For more information on Banco Industrial do Brasil, visit www.bancoindustrial.com.br