Finabank NV, the fourth largest commercial bank in Suriname, signed an agreement with IDB Invest to join their Trade Finance Facility Program (TFFP). Finabank is currently the only bank in Suriname with an active credit line within the TFFP.
The agreement with IDB Invest gives access to trade finance loans and credit guarantees that will enable Finabank to continue growing in Suriname and to enter new trade finance markets within the Caribbean and the rest of the world.
The Trade Finance Facilitation Program has been set up to promote development and economic growth in the region through the expansion of trade financing to Latin America and Caribbean banks, broadening the sources of trade finance available to importers and exporters and to support internationalization.
About IDB Invest
IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting the private sector in Latin America and the Caribbean. It finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region.
With a current portfolio of USD 11.2 billion under management and 330 clients in 23 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients. As of November 2017, IDB Invest is the trade name of the Inter-American Investment Corporation. www.idbinvest.org
Finabank NV is a commercial bank with 198 employees, which was founded in 1991. The bank is active in various areas within the banking sector, namely Retail, Business and Platinum Banking in Suriname and offers them a wide range of financial products and services. Finabank is currently expanding and has tripled its assets over the past three years.
To support its digital strategy, there are three branches in addition to the head office in Paramaribo. A branch in Paramaribo-North, Paramaribo-South, Nickerie and soon in Wanica. The vision of Finabank NV is to become the number 1 provider of financial solutions in Suriname.
(This is a reproduced IDB news as it is. Devdiscourse bears no responsibility towards grammatical or factual errors that may have been presented in the report.)