The investment arm of the Inter-American Development Bank, IDB Invest, has incorporated Guyana’s Demerara Bank Limited (DBL) into its Trade Finance Facilitation Program with the opening of a line of credit to support local small and medium-sized enterprises (SMEs).
“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,” James Scriven, CEO of IDB Invest, said.
“Through this programme, 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,” he added.
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.
“Through this programme, 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”— James P Scriven, CEO, IDB Invest
In addition, the credit facility will also allow DBL 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 DBL’s developmental programme as Guyana undergoes an economic boom driven by oil production. The bank will, therefore, cater for the growing financial needs of the private sector and support key business linkages in the growing demand for goods and services.
The agreement between IDB Invest and DBL contributes to two United Nations Sustainable Development Goals (SDGs): Decent Work and Economic Growth (SDG 8) and Reduction of Inequalities (SDG 10).
DBL is Guyana’s third-largest bank by asset size, operating from seven branches throughout the South American country. With its headquarters in the capital of Georgetown, the bank offers a full suite of banking products to customers such as savings accounts and deposits; personal, green, auto, and home loans; commercial credit, foreign exchange, credit card issuances, among other banking services.