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World Bank's IFC funds BIND Banco to help Argentinian SMEs

Tuesday 21 August 2018 | 01:09 PM CET

International Finance Corporation, a member of the World Bank Group, has announced it will provide USD 55 million to BIND Banco Industrial.

The investment is meant to help expand the bank’s lending to small and medium enterprises (SMEs) in Argentina. Through this funding, BIND will offer SMEs longer-term financing than currently available in the local market.

BIND Banco Industrial focuses on SMEs, mainly in the agribusiness, services and manufacturing industries, as well as wholesale trade. BIND Banco Industrial is embarked on a strategy to grow its digital banking—including online payments, collections, and other applications—to better serve SMEs. It became an IFC client in May 2018, when it joined IFC’s Global Trade Finance Program, which facilitates trade flows through guarantees and includes a network of more than 70 banks in Latin America.

In Argentina, IFC has committed approximately USD 1.7 billion in sustainable private sector projects over the past 18 months. IFC’s strategy in Argentina focuses on financing projects in sectors such as agribusiness, infrastructure, renewable energy, manufacturing, and financial intermediaries.

More: Link
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