IDB Invest, a member of the IDB Group, announced today that it has incorporated three subsidiaries of Republic Financial Holdings Limited (RFHL) in Barbados, Guyana and Suriname into its Trade Finance Facilitation Programme (TFFP) by opening lines of credit to be used for short-term international trade finance transactions. This is being done to offer support to local small and medium-sized enterprises (SMEs) which may be facing difficulties during the COVID-19 pandemic.
Guyana Standard understands that these three lines consist of an uncommitted US$20 million TFFP line each to both Barbados and Guyana, as well as a US$15 million line to Suriname. They will support the Bank’s ability to finance its customers’ import and export activities in Barbados, Guyana, and Suriname.
Given the current context of high volatility in international markets and macroeconomic pressures from the COVID-19 health crisis, the financial institution explained that these lines will help, not only to alleviate the Bank’s funding tensions in the short term, but also to diversify its sources, and reduce dependence on deposits. It will also help the Bank to increase its supply of foreign trade products to its SME clients, adjusting its supply to the current context of these demands.
Regarding this transaction, James Scriven, CEO of IDB Invest said, “At IDB Invest, we are pleased to close three transactions with Republic Financial Holdings Limited through our Trade Finance Facilitation Program in Barbados, Guyana, and Suriname. With this program, Republic Financial Holdings Limited can diversify its network of partners offering trade finance products for imports and exports, including loans and guarantees, to its clients in these countries. This is part of our strong commitment to reinforce financing and boost trade within the Caribbean region”.
On the other hand, Nigel Baptiste, President and CEO of RFHL commented: “As one of the leading financial institutions across the Caribbean region with an international footprint in Ghana, we have an obligation to these markets to provide financial and developmental support. Our support remains grounded in the framework of sustainable development, and the belief that the changes we make today can and will positively impact the generations of tomorrow.”
He added that regional SMEs can be the champions of this alliance with IDB Invest.
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.
