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IFC Global Trade Finance Program Expands to Haiti
In Washington, DC:
Adriana Gomez
Phone: +1 (202) 458-5204
E-mail: Agomez@ifc.org
Washington, D.C., June 4, 2007 —
IFC, the private sector arm of the World Bank Group, today announced that
Capital Bank S.A. is the first issuing bank in Haiti to join its Global
Trade Finance Program. The program will allow Capital Bank to increase
its trade import finance activities, helping more local businesses grow
and compete in the international marketplace. This will also help the bank
provide clients with access to markets across the region through the program’s
network.
The Global Trade Finance Program promotes
trade with emerging markets worldwide by supporting flows of goods and
services to and from developing countries. Through the program, IFC provides
guarantee coverage of bank risk in emerging markets, allowing recipients
to expand their trade finance transactions within an extensive network
of countries and banks and to enhance their trade finance coverage.
At the announcement, Bernard Roy, Chairman
of Capital Bank, said, “We are pleased to be the first bank in Haiti to
join the Global Trade Finance Program and to initiate a relationship with
IFC. Through the program, we will be able to enhance our services in trade
finance for our clients.”
Atul Mehta, IFC Director for Latin America
and the Caribbean, added, “We are delighted to have Capital Bank as our
first issuing bank in Haiti. This transaction is consistent with
IFC's mandate to address the challenges facing the Haitian private sector
as it will enhance Capital Bank's ability to provide trade finance on more
competitive terms to Haitian companies.”
Since the Global Trade Finance Program
was launched in the region in February 2006, IFC has issued US$186.7 million
in guarantees in six countries of the region: Argentina, Bolivia, Brazil,
the Dominican Republic, Ecuador, and Mexico. Brazil accounts for the highest
volume, primarily for pre-export financing. Argentina’s volume is the
next highest. One-third of the guarantees issued support smaller
and midsize businesses and interregional trade flows between emerging market
nations. Main industries covered through the program include agribusiness,
automotives, consumer goods, industrial goods, commodities, oil and gas,
telecommunications, and textiles.
IFC in Haiti
IFC is supporting the Haitian government's
development policy of promoting economic growth and improving access to
high-quality basic services, particularly for the most vulnerable people.
IFC also focuses on helping establish the basis for a sound business-enabling
environment. Access to finance is another key area that IFC is looking
to develop, as well as support for micro and small and medium enterprises.
Since 2000, IFC made four investments and one advisory operation
in Haiti in support of microfinance, textiles, electricity, and the telecommunications
sector. IFC clients in Haiti include Digicel Haiti and CODEVI textiles
zone in the town of Ouanaminthe.
About IFC
IFC is the private sector arm of the
World Bank Group and promotes open and competitive markets in developing
countries. IFC supports sustainable private sector companies and
other partners in generating productive jobs and delivering basic services,
so that people have opportunities to improve their lives. Over the past
50 years, IFC Financial Products has committed more than $56 billion in
funding for private sector investments and mobilized an additional $25
billion in syndications for 3,531 companies in 140 developing countries.
IFC Advisory Services and donor partners have provided more than $1 billion
in program support to build small enterprises, to accelerate private participation
in infrastructure, to improve the business enabling environment, to increase
access to finance, and to strengthen environmental and social sustainability.
For more information, please visit www.ifc.org.
About Capital Bank
Capital Bank ranks as Haiti’s fourth-largest
bank in terms of assets. The bank is ranked fifth for trade finance services.
Its core business is commercial lending to businesses in wholesale and
retail trade, services, food, vehicles, and light manufacturing. Capital
Bank operates through a network of 15 branches and employs 354 people.
For information on the Global Trade
Finance Program, visit www.ifc.org/gtfp.
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