The Inter-American Development Bank, through its investment arm, IDB Invest has broadened their trade facilitation programme across the Caribbean with incorporating three subsidiaries of Republic Financial Holdings Limited in Barbados, Guyana and Suriname and granting them with $55m.
In a press release to the media, IDB Invest said: “IDB Invest, a member of the IDB Group, has incorporated three subsidiaries of Republic Financial Holdings Limited in Barbados, Guyana and Suriname into its Trade Finance Facilitation Program (TFFP) by opening credit lines for short-term international trade finance supporting local small and medium sized enterprises (SME).”
“The three credit 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 Republic’s ability to finance its customers’ import and export activities in these three countries.”
“Given the current context of volatility in international markets and macroeconomic pressures from the COVID-19 pandemic, these credit lines will help not only to alleviate Republic’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.”
“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,” said James Scriven, CEO of IDB Invest. “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.”
“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,” said Nigel Baptiste, President and CEO of Republic Financial Holdings Limited. “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 small and medium enterprises can be the champions of our alliance with IDB Invest. “We believe that this alliance will break down the barriers that exist for SME and facilitate new relationships with international markets while maintaining established ones. We have an opportunity to create a robust hub for trade and investment into the region while increasing employment.”