Sunday, March 26, 2023
Village Voice News
ADVERTISEMENT
  • Home
  • News
  • Sports
  • Editorial
  • Letters
  • Global
  • Columns
    • Eye On Guyana
    • Hindsight
    • Lincoln Lewis Speaks
    • Future Notes
    • Blackout
    • From The Desk of Roysdale Forde SC
    • Diplomatic Speak
    • Mark’s Take
    • In the village
    • Mind Your Business
    • Bad & Bold
    • The Voice of Labour
    • The Herbal Section
    • Politics 101 with Dr. David Hinds
    • Talking Dollars & Making Sense
    • Book Review 
  • Education & Technology
  • E-Paper
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Sports
  • Editorial
  • Letters
  • Global
  • Columns
    • Eye On Guyana
    • Hindsight
    • Lincoln Lewis Speaks
    • Future Notes
    • Blackout
    • From The Desk of Roysdale Forde SC
    • Diplomatic Speak
    • Mark’s Take
    • In the village
    • Mind Your Business
    • Bad & Bold
    • The Voice of Labour
    • The Herbal Section
    • Politics 101 with Dr. David Hinds
    • Talking Dollars & Making Sense
    • Book Review 
  • Education & Technology
  • E-Paper
  • Contact Us
No Result
View All Result
Village Voice News
No Result
View All Result
Home News

IDB Invest opens up US$20M line of credit to Guyana

Staff Reporter by Staff Reporter
December 4, 2020
in News
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Support Village Voice News With a Donation of Your Choice.

IDB Invest–a member of the IDB Group – has incorporated Republic Bank Guyana into its Trade Finance Facilitation Programme (TFFP) paving the way for the country to have US$20M line of credit.

In a statement, the Inter-American Development Bank (IDB) explained IDB Invest incorporated three subsidiaries of Republic Financial Holdings Limited (RFHL) in Barbados, Guyana and Suriname into its TFFP by opening lines of credit to be used for short-term international trade finance transactions with the intention to offer support to local small and medium sized enterprises (SMEs).

READ ALSO

Sophia business woman and reputed husband escaped execution attempt

Why prioritizing unity and inclusion is crucial for Guyana’s economic success

“These three 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 the Bank’s ability to finance its customers’ import and export activities in Barbados, Guyana, and Suriname,” the bank explained.

It added: “Given the current context of high volatility in international markets and macroeconomic pressures from the COVID-19 health crisis, these lines will help, not only to alleviate the Bank’s funding tensions in the short term, but also to diversify its sources, and reducing dependence on deposits.”

Advertisement

According to the IDB, 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. 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,” James Scriven, CEO of IDB Invest said.

Nigel Baptiste, President and CEO of RFHL said as one of the leading financial institutions across the Caribbean region with an international footprint in Ghana, RFHL has an obligation to provide financial and developmental support. “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,” Baptiste said.

He added that regional SMEs can be the champions of their alliance with IDB Invest. “We believe that this alliance will break down the barriers that exist for SMEs 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,” he said.

IDB Invest 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.



Support Village Voice News With a Donation of Your Choice



ShareTweetSendShareSend

Related Posts

News

Sophia business woman and reputed husband escaped execution attempt

by Admin
March 25, 2023

A Sophia business woman and her reputed husband has escaped an execution attempt and are now nursing gunshot injuries. It...

Read more
CEO of STEMGuyana, Karen Abrams
Feature

Why prioritizing unity and inclusion is crucial for Guyana’s economic success

by Staff Writer
March 25, 2023

by Karen Abrams, MBA EdD '25 Guyana has the potential for major economic development, and its citizens both at home...

Read more
News

EDYOU FM becomes the first radio station to stream in Kamarang, Region 7

by Admin
March 25, 2023

The Ministry of Education's Radio Station, EDYOU FM, just made history by becoming the first local station in Guyana to...

Read more
Next Post
In the photograph are Attorneys-at-Law, Nigel Hughes, Sophia Findlay and Ronald Daniels; Magistrate Rhondel Weever; former Chief of Staff of the Guyana Defence Force (GDF), Rear Admiral (ret’d) Gary Best and the late Jude Bentley

Weak prosecution, lack of evidence hurt police case against Best

EDITOR'S PICK

Opposition slams government’s e-ID contract; “…purposes of domination, manipulation and absolute control”

March 16, 2023

Police revoke fitness for several minibuses

September 20, 2022

Food prices rise to record high in February 

March 6, 2022
Refrigerated Trucks, Invented by Frederick McKinley Jones in 1940

Black History Month: Refrigerated Trucks, Invented by Frederick McKinley Jones in 1940

February 4, 2023

© 2022 Village Voice | Developed by Ink Creative Agency

No Result
View All Result
  • Home
  • News
  • Sports
  • Editorial
  • Letters
  • Global
  • Columns
    • Eye On Guyana
    • Hindsight
    • Lincoln Lewis Speaks
    • Future Notes
    • Blackout
    • From The Desk of Roysdale Forde SC
    • Diplomatic Speak
    • Mark’s Take
    • In the village
    • Mind Your Business
    • Bad & Bold
    • The Voice of Labour
    • The Herbal Section
    • Politics 101 with Dr. David Hinds
    • Talking Dollars & Making Sense
    • Book Review 
  • Education & Technology
  • E-Paper
  • Contact Us

© 2022 Village Voice | Developed by Ink Creative Agency