IDB Invest, a member of the Inter-American Development Bank (IDB) Group, has enlisted the Guyana Bank for Trade and Industry (GBTI) into its Trade Finance Facilitation Program (TFFP) through a guarantee and funding facility.
A joint release yesterday from IDB Invest and the bank said that the partnership will support GBTI as it diversifies its network of correspondent banks to offer trade products to more small and medium enterprises (SMEs) and clients in Guyana. The release added that the deal reinforces the commitment of IDB Invest and GBTI to create a hub for investment and trade for the country and the region while creating opportunities for the communities.
The programme will broaden support to existing industries, and new and emerging businesses in sustaining productivity and job creation, the release stated.
Through this programme with IDB Invest, GBTI will be able to expand its foreign trade products to its SME clients and adjust its range of products. It will also support GBTI’s activities to cater to the growing financial needs of the private sector and support key business linkages in the growing demand for goods and services.
In remarks at yesterday’s signing, GBTI’s CEO (ag) James Foster said “With our nation at the doorstep of growth and change GBTI is working diligently to be the strong bank grounded in the framework of sustainable development requir-ed to support the opportunities that advance our communities and our Guyana of tomorrow.
“This partnership with the IDB is a key contributor to realizing that vision enabling new relationships with the international markets. GBTI is uniquely positioned to facilitate trade and investment opportunities in our region while importantly assisting with job creation. As a local bank, partnerships like the one being executed today are vital to our continued growth and success”.
The joint release said that the deal is expected to contribute to two United Nations Sustainable Development Goals (SDGs): Decent Work and Economic Growth (SDG 8) and Reduction of Inequalities (SDG 10).
It described GBTI as Guyana’s largest indigenous bank actively providing financing and other banking services to the country’s productive sectors.
IDB Invest has clinched similar deals with Republic Bank (Guyana) Limited and Demerara Bank Limited.
IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector.
