IFC, a member of the World Bank Group, today announced that Banco Itaú Argentina S.A. has joined the Global Trade Finance Program as an issuing bank.
Launched in 2005, the IFC Global Trade Finance Program supports trade with emerging markets worldwide. It aims to increase developing countries’ share of global trade and promote South-South flows of goods and services. The program supports an extensive network of banks globally and has issued guarantees for $4 billion to facilitate trade.
Fernando Ferrari, Itaú’s Treasury Sales Representative, said, “Trade finance is a strategic product for Itaú Argentina in developing the middle market. Through the program, the bank will improve its trade finance capacity by broadening access to international markets and extending its geographic coverage to serve clients better.”
James Peter Scriven, IFC Director for Financial Markets in Latin America, said, “IFC’s Global Trade Finance Program will allow Banco Itaú Argentina S.A. to increase its trade finance business worldwide as well as enhance its ability to provide efficient trade solutions to its clients, especially those in the small and medium enterprise sector and the agribusiness industry.”