VIII. - Trade and Project Financing -Banking System Suriname has an underdeveloped banking system. There are three large banks, ABN-AMRO, Surinaamsche Bank (largely owned by ABN-AMRO) and Hakrin Bank. There are some small local banks and a few foreign exchange houses have opened recently. -Foreign Exchange Controls Suriname is suffering from a prolonged acute foreign exchange crisis. Exporters should make sure that the hard currency to pay for goods is available prior to shipment. This would normally require cash prepayment or a confirmed irrevocable letter of credit from a U.S. bank. -Financing Availability Local financing of trade is basically unavailable for non-residents. Surinamese importers can sometimes obtain financing, but often have to depend on their own resources, either domestic or foreign. -Export Financing and Insurance Suriname does not qualify for export financing by the U.S. Export- Import bank. -Project Financing Development projects are mainly financed by the Dutch government and the European Union. Most of these tenders are limited to European suppliers and contractors. The Inter-American Development Bank (IDB) provides funding to primarily public sector entities for the design and execution of projects. IDB projects afford US suppliers of goods and services significant export opportunities, mainly in the transportation, environment, health, education, urban development, tourism, agriculture, and energy sectors. US firms seeking information on IDB-financed commercial opportunities should contact: US Department of Commerce Liaison Officer to the Inter-American Development Bank US Executive Directors Office 1250 H Street, NW 10th Floor Washington, DC 20005 Tel: (202) 942-8265 Fax: (202) 942-8275 or Office of Multilateral Development Banks US & Foreign Commercial Service US Department of Commerce Room H-1107 Washington, DC 20230 Tel: (202) 482-3399 Fax: (202) 482-0927 The International Bank for Reconstruction and Development (IBRD), a member of the World Bank group makes long-term loans at market- related rates primarily to developing nations. The International Development Agency (IDA), the soft loan window of the World Bank, loans to the poorest of the developing countries. Both the IBRD and IDA frequently work to promote broadly based economic growth, frequently focus on structural adjustment, sectoral reform, and individual project lending, and operate under the same set of procurement guidelines. Typically, the World Bank does not finance the entire cost of a project. Rather, it finances the components of a project purchased with foreign exchange, which on average is about 40 percent of the total project cost. Each project may cover a wide variety of sectors and can involve anywhere from one to hundreds of separate contracts providing export business opportunities for suppliers worldwide. For more information contact: US Department of Commerce Liaison to the US Executive Directors Office International Bank for Reconstruction and Development 1818 H Street, NW Room D-13004 Washington, DC 20433 Tel: (202) 458-0118 Fax: (202) 477-2967 or Office of Multilateral Development Banks US & Foreign Commercial Service US Department of Commerce Room H-1107 Washington, DC 20230 Tel: (202) 482-3399 Fax: (202) 482-0927 -List of Banks with Correspondent U.S. Banking Arrangement ABN/AMRO Bank Hakrin Bank De Surinaamsche Bank Volkscredietbank Landbouwbank