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Banca Popolare di Sondrio joins Proparco’s Trade Finance Guarantee Program to increase confirmation capabilities in Africa
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Proparco’s Trade Finance Guarantee Program expands its network. Banca Popolare di Sondrio (BPS), the first Italian Financial Institution to join the Program as Confirming Bank, is thus strengthening its activities in Africa thanks to Proparco’s network of issuing banks in sub-Saharan countries.
To promote trade finance in Africa, BPS will leverage Proparco’s network to allow the Bank’s customers (and others) greater access to the African market to support importers and exporters in developing countries. Already active on the continent, BPS will further strengthen its presence in additional countries through Proparco’s program, expanding its network across sub-Saharan Africa.
Mario Erba, BPS’ Deputy General Manager and Head of the International Dept: “I am particularly pleased and honored to have signed this new agreement with Proparco. Thanks to the Program, we will be able to provide additional coverage in a larger number of African countries. Africa is a continent full of opportunities and possibilities that our Bank is ready to exploit thanks to the support of entities such as Proparco.”
Emmanuel Haye, Deputy Head of Proparco’s Financial Institutions - Africa and Middle East: “We are very pleased to welcome Banca Popolare di Sondrio as a confirming bank joining Proparco’s Trade Finance guarantee program. These guarantees facilitate the import of goods and raw materials that are essential for SMEs to create local value on the African continent, a key issue in developing countries.”