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News

IFC, Citi roll out USD 800 mln facility for trade finance in emerging markets

Thursday 2 July 2020 11:23 CET | News

IFC and Citi have created an USD 800 million facility to support trade flows in developing countries and help businesses amid the pandemic.

The transaction, which is part of IFC’s (a member of the World Bank Group) emergency response to COVID-19, will help to support the flow of critical commodities in countries where businesses face financing challenges and the disruption of cash flows due to the global outbreak of the virus. IFC and Citi will share the risk in an USD 800 million portfolio of trade-related assets on a 50-50 basis.

The signing marks the extension of an existing facility under IFC’s Global Trade Liquidity Program, bringing the size of the facility to USD 2 billion. Since the facility was created in 2009, it has financed a total trade volume of USD 35 billion, with around USD 3.5 billion in IDA countries (International Development Association, the World Bank Group fund for the world’s poorest countries), and USD 13 billion in low-income and lower middle-income countries.
Source: Link


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Keywords: IFC, Citi, facility, trade finance, emerging countries, World Bank, pandemic, COVID-19, cash flow, trade assets, trade volume, Global Trade Liquidity Program, IDA countries
Categories: Banking & Fintech
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Countries: World
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