Standard Chartered has agreed with the IFC, a member of the World Bank Group, to develop a US$1.25bn funding partnership to facilitate global trade finance. The agreement is the first to emerge from the Global Trade Liquidity Program (GTLP), a trade finance initiative announced earlier this week by World Bank president, Robert B. Zoellick.
As part of the program, Standard Chartered will originate trade finance transactions of up to US$1.25bn from emerging markets banks that will, in turn, extend trade financing to their importer and exporter clients in their presence countries. IFC and other participating development organizations will invest up to US$500m in these transactions and participate in the risk. This programme is expected to support trade flows of US$5bn per year in Asia, Middle East, Africa and Latin American countries.
The GTLP, which will raise funds from international finance and development institutions, governments, and banks, will help extend trade finance to under-served importers and exporters in developing countries. The initiative, which is ultimately expected to support approximately US$50bn in trade volumes, aims to address trade finance liquidity constraints arising from the global credit crunch.
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