The International Finance Corporation (IFC), a member of the World Bank Group, and Finabank N.V. have signed a new trade finance agreement aimed at strengthening Suriname’s private sector by improving access to international trade financing for local businesses, particularly small and medium enterprises (SMEs).
The new facility, announced in Paramaribo, comes at a critical time for Suriname’s economy as the country seeks to expand trade opportunities, diversify economic activity, and strengthen resilience amid growing demand in sectors such as energy, infrastructure, agribusiness, and commercial imports.
Under the partnership, IFC will provide support through its Global Trade Finance Program (GTFP), helping Finabank facilitate international trade transactions and improve access to global markets for Surinamese businesses.
New Trade Finance Facility to Support SMEs
The agreement enables IFC to issue guarantees to international banks for eligible trade transactions originated by Finabank.
The guarantees are designed to strengthen confidence in trade finance instruments such as letters of credit, which are widely used in international trade to reduce payment risks between importers and exporters.
By reducing risk for international confirming banks, the facility is expected to improve access to trade financing for Surinamese companies that often face challenges securing international banking support.
The initiative is particularly important for SMEs, which frequently encounter limited access to financing despite playing a vital role in employment generation and economic development.
Officials say the facility will help local businesses:
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Import essential goods and production inputs
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Expand export activities
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Improve supply chain reliability
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Access new international markets
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Increase employment opportunities
The programme is also expected to improve consumer access to goods while supporting broader economic diversification.
Finabank Highlights Importance for Economic Development
Finabank Chief Executive Officer Eblein Frangie described the partnership as a major step forward for both the bank and Suriname’s financial sector.
“This partnership with IFC marks an important milestone for Finabank and for Suriname’s financial sector,” Frangie said.
He noted that the agreement enhances Finabank’s ability to support businesses involved in international trade and reflects the institution’s broader commitment to promoting economic development within Suriname.
“We are proud to collaborate with IFC in strengthening Suriname’s integration into the global economy,” he added.
The partnership is expected to improve the availability and predictability of trade finance services for businesses operating in sectors experiencing rising demand.
IFC Says Facility Comes at Critical Moment
IFC officials emphasized that the new trade finance facility arrives at an important moment for Suriname’s private sector as the country experiences increasing economic activity linked to energy development and infrastructure investment.
Elizabeth Martínez de Marcano, IFC’s Division Director for the Andean Countries and the Caribbean, said the facility will help unlock urgently needed trade finance for local businesses.
“This facility arrives at a pivotal moment for Suriname’s private sector,” she said.
“Through IFC’s Global Trade Finance Program, we can unlock much-needed trade finance for local SMEs and keep supply chains moving.”
According to IFC, the facility will produce direct economic benefits by ensuring businesses can secure essential production inputs, fulfill commercial orders, and expand operations.
Officials also stressed that improved trade finance can help stabilize supply chains and ensure households maintain access to important goods and services.
Focus on Key Economic Sectors
The new financing arrangement is expected to support several strategically important sectors in Suriname’s economy.
These include:
Suriname has been attracting increasing international attention due to major offshore oil discoveries and growing investment opportunities in energy and infrastructure.
As economic activity expands, local businesses are expected to require greater access to international suppliers, equipment, raw materials, and trade financing.
The facility aims to ensure that domestic companies can participate more actively in these emerging opportunities rather than relying solely on foreign firms.
IFC Returns to Suriname After More Than a Decade
The agreement marks IFC’s first investment in Suriname in more than ten years, signaling renewed international engagement with the country’s private sector.
The initiative directly supports the World Bank Group’s Country Partnership Framework 2025–2028, which identifies private sector development as a major strategic priority for Suriname.
The framework focuses on encouraging economic diversification, sustainable growth, and increased private investment.
By supporting trade finance access, the IFC hopes to strengthen the role of local enterprises in driving economic growth and job creation.
Improving Access to Global Markets
Trade finance remains a major challenge for businesses in many emerging economies, particularly smaller firms that may lack the financial track record or international banking relationships required for cross-border transactions.
The new facility is expected to improve predictability in trade confirmations and strengthen access to international markets for Surinamese businesses.
This is particularly important as demand rises in sectors linked to:
Access to reliable trade finance allows companies to secure materials, manage cash flow, and fulfill contracts more efficiently.
Officials say the agreement will also contribute to more diversified economic growth by helping businesses expand beyond traditional sectors.
Agreement Signed in Presence of Senior Officials
The signing ceremony took place in Paramaribo and was attended by senior representatives from IFC and Finabank, as well as key government officials.
Among those present were:
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The Governor of the Central Bank of Suriname
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The Minister of Finance and Planning
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Senior executives from Finabank
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IFC representatives
The presence of high-level officials reflected the strategic importance of the agreement for Suriname’s broader economic development goals.
IFC’s Global Trade Finance Program Continues Expanding
Through the agreement, Finabank officially joins IFC’s Global Trade Finance Program, one of the world’s largest trade finance risk mitigation platforms for emerging markets.
The programme connects banks in developing countries with a global network of international confirming banks, helping reduce risks associated with trade transactions.
Since its launch, IFC’s Global Trade Finance Program has supported:
The programme is designed to promote international trade, strengthen financial systems, and support economic growth in developing economies.
For Suriname, participation in the programme is expected to improve integration into global trade networks while helping local businesses compete more effectively in international markets.
As Suriname enters a new phase of economic transformation driven by investment and expanding trade opportunities, the IFC-Finabank partnership is being viewed as an important step toward strengthening the country’s private sector and creating more sustainable long-term growth.
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