IDB Invest partners with GBTI to boost its trade finance program

IDB Invest partners with GBTI to boost its trade finance program
GBTI CEO(ag) James Foster signs the Agreement with IDB in the presence of - L-R Mario Farinha, Credit Risk Manager, Rawattie Mohandeo, Business Development Manager and Shawn Gurcharran, Chief Financial Officer

IDB Invest, a member of the IDB Group, has incorporated Guyana Bank for Trade and Industry (GBTI) into its Trade Finance Facilitation Program (TFFP) through a guarantee and funding facility. GBTI is Guyana’s largest indigenous bank actively providing financing and other banking services to the country’s productive sectors.

This 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. This deal reinforces the commitment of IDB Invest and GBTI to create a hub for investment and trade for the nation and the region while creating opportunities for the communities.

The program will expand support to existing industries, and new and emerging businesses in sustaining productivity and job creation, which is beneficial given the current macroeconomic situation with COVID-19.

Through this program with IDB Invest, GBTI will be able to increase its foreign trade products to its SME clients, adjusting its menu of products to the current context of client demands. It will also support GBTI’s activities to cater the growing financial needs of the private sector and support key business linkages in the growing demand for goods and services.

This 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).

About IDB Invest

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. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social and environmental development in the region. With a portfolio of $13.1 billion in asset management and 385 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.

About Guyana Bank for Trade Industry

Guyana Bank for Trade Industry (GBTI)) is the second largest regulated bank in Guyana by asset size. The Bank has its origins in the mid-19th century as the British Colonial Bank and continued its operations as Barclays PLC before its assets were acquired by the Government of Guyana in 1987. The bank was subsequently privatized in 1991 and rebranded to its current day format. GBTI is headquartered in Georgetown, Guyana with twelve branches throughout the country. It offers the full suite of banking solutions for both retail and business clients.

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