The Inter-American Development Bank and the U.K.-based Standard Chartered Bank have approved a USD10 million loan designed to help support trade between Brazil and Germany. The loan will be channeled through Brazil’s Banco Industrial e Comercial S.A.
This is the first trade finance loan to be approved under IDB and Standard Chartered Bank’s recently signed partnership to improve the lending capacity of Latin American and Caribbean banks in a bid to boost trade in the region. The partnership is expected to lend up to USD200 million.
“This partnership will help boost trade finance between Latin America and markets in Asia, Africa and the Middle East. In turn, the loans will support domestic businesses, job creation and private sector development,” Anthony Walton, vice chairman of Standard Chartered, said of the partnership, which was signed in December.