IDB Invest, a member of the IDB Group, has incorporated Guyana Bank for Trade and Industry (GBTI) into its Trade Finance Facilitation Program (TFFP) through a guarantee and funding facility.
GBTI is Guyana’s largest indigenous bank actively providing financing and other banking services to the country’s productive sectors, the IDB said in a media release.
It added that this partnership will support GBTI as it diversifies its network of correspondent banks to offer trade products to more small and medium enterprises (SMEs) and clients in Guyana. “This deal reinforces the commitment of IDB Invest and GBTI to create a hub for investment and trade for the nation and the region while creating opportunities for the communities,” the IDB said.
The programme, the regional lender said will expand support to existing industries, and new and emerging businesses in sustaining productivity and job creation, which is beneficial given the current macroeconomic situation with COVID-19.
“Through this programme with IDB Invest, GBTI will be able to increase its foreign trade products to its SME clients, adjusting its menu of products to the current context of client demands. It will also support GBTI’s activities to cater the growing financial needs of the private sector and support key business linkages in the growing demand for goods and services.
This deal is expected to contribute to two United Nations Sustainable Development Goals (SDGs): Decent Work and Economic Growth (SDG 8) and Reduction of Inequalities (SDG 10).”
Speaking at the signing ceremony, Chief Executive Officer (ag) of GBTI, James Foster said like the rest of the world, Guyana faced an unprecedented set of challenges in 2020. In addition to the human tragedy caused by the corona – virus pandemic, our region( LATAM) suffered a historic economic contraction estimated to be more than 8% of GDP.
Foster said within our communities, many lost their jobs while others fell into poverty. ” GBTI as the bank that sees Guyana through its eyes held firm; we supported our communities and clients with reduced or eliminated fees; provided loan moratoriums and reduced interest rates.
Our employees who continue to support our communities and our clients despite the challenges of the pandemic were the key reason we have been able to withstand the damaging effects,” the CEO said. he added that Furloughs or reduced compensation was never a consideration for us. “With our nation at the doorstep of growth and change GBTI is working diligently to be the strong bank grounded in the framework of sustainable development required to support the opportunities that advance our communities and our Guyana of tomorrow.”
Foster said the partnership with the IBD is a key contributor to realising that vision enabling new relationships with the international markets. GBTI is uniquely positioned to facilitate trade and investment opportunities in our region while importantly assisting with job creation. As a local bank, partnerships like the one being executed today are vital to our continued growth and success. “We thank Marcello, Michael, James, the IDB team, Shawn Gurcharran our Chief Financial Officer and his team who all worked diligently to make this partnership a reality. ” ” I remain certain that this partnership will be bold enough, creative enough and disciplined enough to meet the great challenges ahead positively, and contribute to the growth of Guyana.”