The Inter-American Development Bank (IADB) last week increased its trade financing program to USD 1 billion from USD 400 million and will support transactions in currencies other than dollars to keep commerce flowing amid the global credit crisis. The expansion of the Trade Finance Facilitation Program for Latin America and the Caribbean will help "sustain growth and alleviate the impact of the current financial crisis on the region due to the scarcity of trade financing flows," IADB President Luis Moreno said, Reuters reported. The program provides guarantees to companies to cover letters of credit used in the financing of international trade transactions.
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