Interbank Burundi Expands Reach with IFC Partnership in Trade Finance

Interbank Burundi has taken a significant step in expanding its reach by partnering with the International Finance Corporation (IFC) to enhance its trade finance capabilities. This partnership is expected to increase access to trade finance for Burundian businesses.

The partnership will enable Interbank Burundi to improve its risk management and credit assessment processes, allowing it to better serve its customers.

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The IFC is making a significant impact in Burundi through its partnership with Interbank Burundi. The International Finance Corporation approved a $5 million credit facility for Interbank Burundi to strengthen its private trade finance operations.

This facility will enable Interbank Burundi to increase its support for Burundian import-export companies, which are crucial for generating foreign currency in the country. Interbank Burundi plans to enter into working partnerships with numerous international banks to create new business opportunities.

The IFC has a history of collaborating with Interbank Burundi, having signed a technical partnership agreement in November 2022 to strengthen the bank's capacity to serve small and medium-sized enterprises (SMEs). SMEs account for around 90% of businesses and over 50% of jobs in the country.

Interbank Burundi will also benefit from advisory services as part of the credit facility, which will enable it to increase financial access for SMEs.

Interbank Burundi operates from its headquarters in Bujumbura, the economic capital of Burundi. The bank's main branch is located in the city center, making it easily accessible to clients.

Interbank Burundi offers a range of services, including savings accounts, current accounts, and loans. With a wide network of branches and ATMs across the country, clients can easily access their accounts and conduct financial transactions.

The bank's operating hours are Monday to Friday from 8am to 5pm, and Saturday from 9am to 1pm. This allows clients to conduct their banking transactions at a time that suits them.

Interbank Burundi has a team of experienced and skilled staff who are dedicated to providing excellent customer service. They are available to answer clients' queries and provide assistance with any banking-related issues.

The bank's security measures include a 24-hour surveillance system and secure storage facilities for cash and valuables. This ensures that clients' accounts and assets are protected at all times.

Interbank Burundi has a strong commitment to community development and supports various initiatives in the country. This includes providing financial assistance to small-scale farmers and entrepreneurs.

Interbank Burundi has joined IFC's Global Trade Finance Program (GTFP) to support the growth of trade finance and counter foreign exchange shortages.

The bank will receive a $5 million trade finance facility guarantee, part of IFC's $1 billion African Trade and Supply Chain Finance Program (ATRI), which is supporting Africa's regional trade development.

Through the GTFP, Interbank will establish working partnerships with international banks to broaden access to finance and reduce cash collateral requirements.

In financial year 2022, IFC issued $3 billion in guarantees in Africa under the GTFP.

This partnership will enable more businesses to access the financing they need to grow and reach new markets, driving growth and development in Burundi.

By supporting the development of the country's agribusiness sector, IFC's work in Burundi aims to position the country as a regional hub for trade, logistics, transportation, and communication.

The GTFP bank network will complement IFC's advisory project with Interbank, which is supporting the bank increase financial access to small businesses in Burundi.

The trade facility is also IFC's first GTFP-backed facility in the country since 2016, marking a significant milestone in IFC's commitment to supporting Burundi's Vision 2025 Development Plan.