JP Morgan and the OPEC Fund for International Development (OFID) have signed an agreement for a US$200m risk participation arrangement that will help increase the availability of trade finance in developing countries and emerging markets. Under the terms of the agreement, JP Morgan will originate a portfolio of trade finance transactions from selected banks in around 20 developing countries, including some of the world’s poorest nations, enabling the banks to support their importer and exporter clients. OFID will provide the approved lines for these banks and strong credit enhancement.
“JP Morgan is delighted to team up with OFID to increase the availability of trade finance in the developing world. Our extensive network of banks in emerging markets, combined with OFID’s global expertise in providing development finance, will enable the programme to support an estimated incremental trade finance flow of approximately US$500m annually,” said Dani Cotti, global head of trade at JP Morgan. “This comes at a time when the Basel III treatment of trade finance has been amended to help promote the trade of goods in the developing world and demonstrates our ongoing commitment to facilitating emerging market trade flows that are critical to sustaining the global recovery.”
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