Emerging markets around the world are expected to see increased flows of imports and exports as a result of a new trade credit insurance policy brokered by Marsh for the International Finance Corporation (IFC), a member of the World Bank Group.
The US$532m trade credit policy, underwritten by nine leading insurers, enables IFC to expand capacity under its global trade finance programme (GTFP), which guarantees emerging market trade transactions.
The policy protects IFC against the risk of default by a local bank client and initially covers 50 local banks in 30 countries. This marks the first time that IFC has secured insurance to cover and expand its trade credit facilities.
Since its inception in 2005, the GTFP has issued more than 10,000 guarantees totalling US$14.3bn to banks on trade-related payment obligations. These guarantees enable the continued flow of trade credit in the world’s poorest countries at a time when imports are critical and exports can generate much-needed foreign exchange (FX).
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