Interviews
IDB Trade Finance Facilitation Program
06 Nov '07
3 min read
The Inter-American Development Bank (IDB) announced the inclusion of Banco Bilbao Vizcaya Argentaria S.A., Spain (BBVA) subsidiaries in Argentina, Chile, Colombia, Mexico, Panama, Peru, Paraguay, Uruguay and Venezuela as Confirming Banks within its Trade Finance Facilitation Program (TFFP).
The Latin American subsidiaries add to BBVA's branches in Belgium, China, France, Italy, Japan, United Kingdom and the USA, which had already been included as TFFP Confirming Banks when BBVA Spain joined the Program in May 2005.
The participation of its Latin American subsidiaries makes BBVA one of the leading TFFP Confirming Banks in the region and will further boost the TFFPs' objective of fostering intra-regional trade finance flows.
The inclusion of BBVA's subsidiaries has already enabled BBVA Uruguay to directly confirm a Standby Letter of Credit issued by an Ecuadorian TFFP Issuing Bank and used for the import of machinery from Uruguay to Ecuador, hence promoting trade business between these two countries.
Under the TFFP, the IDB extends guarantees to cover documentary and standby letters of credit, promissory notes, bills of exchange, bid and performance bonds, advance payment bonds and other instruments used in international trade finance transactions.
TFFP:
Launched in 2005, the TFFP constitutes an effective tool for the IDB to support economic growth through the expansion of international trade financing available to Latin American and Caribbean companies.
The Latin American subsidiaries add to BBVA's branches in Belgium, China, France, Italy, Japan, United Kingdom and the USA, which had already been included as TFFP Confirming Banks when BBVA Spain joined the Program in May 2005.
The participation of its Latin American subsidiaries makes BBVA one of the leading TFFP Confirming Banks in the region and will further boost the TFFPs' objective of fostering intra-regional trade finance flows.
The inclusion of BBVA's subsidiaries has already enabled BBVA Uruguay to directly confirm a Standby Letter of Credit issued by an Ecuadorian TFFP Issuing Bank and used for the import of machinery from Uruguay to Ecuador, hence promoting trade business between these two countries.
Under the TFFP, the IDB extends guarantees to cover documentary and standby letters of credit, promissory notes, bills of exchange, bid and performance bonds, advance payment bonds and other instruments used in international trade finance transactions.
TFFP:
Launched in 2005, the TFFP constitutes an effective tool for the IDB to support economic growth through the expansion of international trade financing available to Latin American and Caribbean companies.
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