CENTRAL AMERICA: New export fund for textile producers
Textile and clothing producers in Central America are set to benefit from a new export fund set up by financial systems operator TradeCard for its customers.
The company has joined forces with Innovative Trade Services Corp (ITS) to develop the fund in association with a number of Central American banks.
It will offer pre- and post-export financing to users of the TradeCard payments system in countries covered by the recently enacted US-Central America Free Trade Agreement (CAFTA-DR). These include Nicaragua, Honduras, Guatemala, Dominican Republic and El Salvador.
Although open to other businesses, the fund has a particular focus on textiles and apparel companies, which have the largest proportion of trade between the US and Central America.
ITS president Adolfo McGregor said the agreement should help trade in the region. "It is expected that the textile and apparel sector will have the greatest growth in terms of absolute values," he added.
The fund, managed by ITS, will offer financial services and a technology platform for secure, automated transactions around the world.
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