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EBRD and partners explore digitalisation in green trade finance

Friday 26 November 2021 12:46 CET | News

The European Bank for Reconstruction and Development (EBRD) and partners have announced that they are exploring digitalisation in green trade finance.

EBRD is stepping up its support for the digital transition of trade finance by facilitating test transactions between QNB ALAHLI, Banca Comercială Română and UniCredit on the we.trade digital trade platform. 

The tests will take place through we.trade's Preview Offering Program, with a special focus on green trade finance.

The Preview Offering Program enables banks and clients around the world to participate in test transactions with we.trade member banks. These banks also receive extensive operational, information technology, sales and marketing, and legal and compliance consultancy services, tailored to their level of digitalisation.

we.trade is owned by 12 European banks, the technology company IBM, and CRIF, a global commercial-credit and business information provider. The platform is based on the Linux Foundation's Hyperledger Fabric and runs on the IBM Blockchain Platform.
Digitalisation and green finance are two of the EBRD's priorities under its current five-year Strategic and Capital Framework. As part of this approach, the EBRD is partnering with digital-solutions providers and banks to support digitalisation in trade finance in and beyond the economies where it operates. The Bank is also exploring possible approaches to sustainability screening and verification to scale up the delivery of green trade finance across its regions.

In addition, the EBRD is working with the International Chamber of Commerce Banking Commission and the International Trade and Forfaiting Association to advance the adoption of legal frameworks to enable digital trade and trade finance. 

QNB ALAHLI, Banca Comercială Română and UniCredit are participants in the EBRD's Trade Facilitation Programme (TFP), launched in 1999 to promote foreign trade to, from and among the economies in which the EBRD operates. Through the programme, the EBRD provides guarantees to international confirming banks and short-term loans to selected banks and factoring companies for on-lending to local exporters, importers and distributors. The TFP currently includes more than 100 partner banks in 30 economies where the EBRD invests and more than 800 confirming banks worldwide.

 


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Keywords: green finance, sustainability , trade finance, digitalisation
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Europe
This article is part of category

Banking & Fintech