The International Development Bank (IDB) is partnering with the Guyana Bank for Trade and Industry (GBTI) to support the local bank as it diversifies its network of correspondent banks to offer trade products to more small and medium enterprises (SMEs) and clients in Guyana.

This IDB and GBTI in a joint statement said the deal reinforces the IDB’s commitment to creating a hub for investment and trade for the nation and the region while creating opportunities for the communities.

“The program will expand support to existing industries, and new and emerging businesses in sustaining productivity and job creation, which is beneficial given the current macroeconomic situation with COVID-19,” the banks announced.

Through the program, it was explained that GBTI will be able to increase its foreign trade products to its SME clients and adjust its current list of products in keeping with the demands of its clients.

According to GBTI’s CEO, James Foster, the partnership with the IDB is a key contributor to realizing the bank’s vision of creating a framework of sustainable development required to support the opportunities that advance communities across the country and the country in general.

“This partnership with the IDB is a key contributor to realizing that vision enabling new relationships with the international markets.  GBTI is uniquely positioned to facilitate trade and investment opportunities in our region while importantly assisting with job creation. As a local bank, partnerships like the one being executed today are vital to our continued growth and success,” The CEO said in brief remarks.

The CEO said he is confident that GBTI will meet the challenges ahead and continue to contribute to the growth of Guyana.

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