Standard Chartered Bank (SCB) and Inter-American Development Bank (IDB) have disbursed the first co-loan of their recently signed Latin American trade co-lending partnership (TCLP). The US$10m, 360-day trade finance loan to Banco Industrial e Comercial (BICBANCO) will facilitate the export of consumer goods from Brazil.
The co-lending partnership is a collaborative effort to provide financing to a mutually-agreed list of Latin American and Caribbean banks up to a maximum amount of US$200m on a revolving basis. Both IDB and SCB intend to co-fund trade financing transactions associated with export from or import to an IDB borrowing member country.
In addition, the partnership will help to raise the credit capacity and liquidity of banks in Latin America and the Caribbean, and make the process of fundraising simpler through a single drawdown process and a single repayment process for multiple loans.
“IDB is committed to promoting trade in Latin America and the Caribbean and this partnership is a great example of our commitment,” said IDB president Luis Alberto Moreno. “Through the efforts of IDB and Standard Chartered the impact of this partnership will be substantial and will bolster continued trade flows, which remain vital to the region’s success.”
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