IDB Invest, a member of the IDB Group, has incorporated Demerara Bank Limited into its Trade Finance Facilitation Program (TFFP) by opening a line of credit to be used for short-term international trade finance transactions to support local small and medium enterprises (SME).
This program will help diversify Demerara’s network of partners so that it can offer trade finance products for imports and exports, comprising of loans and guarantees to clients, including SME in Guyana.
Given the current context of high volatility in international markets and macroeconomic pressures from the COVID-19 health crisis, this credit line will help support existing industries and new and emerging businesses in sustaining productivity and job creation.
“At IDB Invest, we are pleased to strengthen our relationship with Demerara Bank by closing the first transaction with our Trade Finance Facilitation Program in Guyana,” said James Scriven, CEO of IDB Invest. “Through this program, Demerara Bank can diversify its network of partners offering trade finance products for imports and exports, including loans and guarantees, to its clients in the country. This is part of our strong commitment to reinforce financing and boost trade within the Caribbean region," Scriven noted.
The line of credit will also allow Demerara to increase foreign trade products to its SME clients, adjusting its menu of products to the current context of client demands. It will also support Demerara’s developmental program as Guyana undergoes an economic boom driven by oil production, catering for the growing financial needs of the private sector and support key business linkages in the growing demand for goods and services.
This deal potentially contributes to two United Nations Sustainable Development Goals (SDGs): Decent Work and Economic Growth (SDG 8) and Reduction of Inequalities (SDG 10).
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.
About Demerara Bank Limited
Demerara Bank Limited is the third largest bank in Guyana by asset size. The Bank opened for business in 1994 as the first privately held indigenous bank in Guyana. The Bank is headquartered in Georgetown, Guyana with seven branches throughout the country. Demerara offers the full suite of banking products to customers such as savings accounts, deposits, personal, green, auto and home loans, commercial credit, foreign exchange, credit card issuances and other banking services. In 1997, Demerara Bank became a publicly traded entity with its shares listed on the Guyana Stock Exchange and is fully regulated by the Bank of Guyana.