The Inter-American Development Bank announced today the inclusion of Banco Pine from Brazil 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 help support Banco Pine's expansion of trade flows between Brazil and IDB member countries by having access to a broader number of International Confirming Banks participating in the program.
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 30 different international banking groups, and 16 Issuing Banks in seven Latin American countries with more than US$375 million in approved credit lines.
To date, the IDB has issued guarantees for over US$38 million in support of approximately 60 individual international trade transactions totaling over US$55 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 or Andrea Oñate at andreao@iadb.org - 202-623-2373.
Banco Pine
Banco Pine is the mid-size Brazilian bank with approximately US$853 million in assets. Pine is headquartered in Sao Paulo and has eleven 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 significant role in assisting Banco Pine to broaden its international funding base among existing and new international correspondent banks.