IDB Invest, the private sector arm of the Inter-American Development Bank (IDB) has incorporated the Guyana Bank for Trade and Industry (GBTI) into its Trade Finance Facilitation Programme (TFFP) through a guarantee and funding facility.
The IDB noted that this partnership will support GBTI, the second-largest regulated bank in Guyana by asset size, as it diversifies its network of correspondent banks to offer trade products to more small and medium enterprises (SMEs) and clients in Guyana. It was further noted that the 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.
Guyana Standard understands that the programme 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 programme 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 to 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).
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 US$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.