IDB Invest joins forces with GBTI to boost its trade finance program
See below press release issued by GBTI:
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).