In IFC São Paulo:
Karina Manasseh
Phone: 55-11-5185-6881
E-mail: kmanasseh@ifc.org


Washington, D.C., July 28, 2008—IFC, a member of the World Bank Group, today announced that Banco Continental S.A.E.C.A. has become Paraguay’s first locally owned bank to join the IFC Global Trade Finance Program as an issuing bank.

Banco Continental is a leading financial institution that provides consumer finance and commercial lending products and services to small and medium enterprises and corporate clients, serving over 50 thousand clients through a network of 28 branches.

Oscar Diesel, Director of Banco Continental, said, “We are eager to start operating under IFC’s trade finance program. We trust that this partnership will enable us to build relationships with new confirming banks and broaden our access to correspondent bank lines that support the growth of the trade business.”

The IFC Global Trade Finance Program supports trade with emerging markets worldwide by providing risk mitigation. By extending and complementing banks’ capacity to deliver trade finance solutions, it aims to increase developing countries’ share of global trade and promote South-South flows of goods and services. The program now has a network of more than 200 participating banks around the world.

Yolande Duhem, IFC Senior Manager for the Southern Cone, said, “This deal shows our commitment to providing integrated financing solutions for importers and exporters, as well as fostering the development of Paraguay’s financial market.”

IFC’s financial sector strategy in Paraguay focuses on providing long-term finance to underserved markets, including SMEs and low-income people. IFC partners with local financial institutions that align with IFC’s vision and strong commitment to supporting the development of these markets.

About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit www.ifc.org.

About the Global Trade Finance Program
Since launching the Global Trade Finance Program, IFC has issued $750 million in guarantees to facilitate trade flows with Latin America and the Caribbean. The network of issuing banks for the region has expanded to 25 banks in Argentina, Bolivia, Brazil, the Dominican Republic, Ecuador, Haiti, Mexico, Nicaragua, Paraguay, St. Lucia, and Uruguay. More than 40 percent of the guarantees issued benefited local small and midsize businesses and supported interregional trade flows between emerging market nations. For more information, visit www.ifc.org/gtfp.

About Banco Continental
Banco Continental S.A.E.C.A. was established in 1980. Today, it plays an important leadership role as the largest Paraguayan-owned bank and the third largest in the country’s financial sector in business deals, customer service, and net worth. It also had the largest growth and expansion rate over the past few years due to good planning, strategy, and client relationships based on three pillars: agility, flexibility, and personalized client support. The bank serves more than 50 thousand customers through a network of 28 branches.