Demerara Bank clinches trade finance deal with IADB

In:

Mining, Traditional energy

Region:

Americas

Guyana-based Demerara Bank Limited has joined the Trade Finance Facilitation Programme of the Inter-American Development Bank.

The lender will now have access to a $7 million line of credit with which it can provide financing to a host of sectors, including the oil and gas industry and small businesses.

Chief Executive Officer Pravinchandra Dave said the funds will be used to diversify the sectors which can access loans and technical support from for short-term international trade finance transactions. These sectors will now include the oil and gas industry as well as the forestry, mining and agriculture sectors.

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