GTLP Extn Citi

completed

The Project is the extension of a funded facility for IFC and funding partners (development finance institutions and international financial institutions) to provide trade financing of up to $500 million to Citibank N.A. (“Citibank” or the “Bank”) headquartered in the United States, as part of IFC’s Global Trade Liquidity Program (“GTLP”) Extension. IFC’s premiere crisis response initiative, Global Trade Liquidity Program, is a unique global public-private partnership (PPP) collaboration with 20 partners, public and private, that brings together governments, development finance institutions, and private sector banks to support trade in developing markets in order to address the shortage of trade finance resulting from the global financial crisis. Significant achievements have been made to date: 5 global deal of year awards, total program disbursements almost $4 billion (DFIs $1.3 billion, IFC $0.6 billion, and banks $1.9 billion) financing over $17 billion of trade transactions financed with zero losses, over 80 percent benefiting SMEs, and nearly 40 percent supporting low-income and lower middle income countries. Funding for this crisis response program came from development institutions and governments, and it worked through over 200 global and regional banks to extend trade finance ultimately to SMEs. GTLP provides IFC and its partners with a proven foundation of experience, a partnership platform, and lessons that can be leveraged to develop other innovative solutions to tackle global strategic priorities such as supporting the financial sector, SMEs and agriculture. As part of IFC’s multi-faceted global financial crisis response , GTLP is being extended in order to address the current liquidity needs in the market which is affecting the availability of trade finance funding for emerging markets. Under this project, IFC is considering an investment of $1-2 billion, which will be match-funded with resources from other development finance institutions (DFIs) and international financial institutions (IFIs) as well as several international banks with an established footprint in emerging markets trade finance.