MENA- STF

completed

The proposed project involves an unfunded risk participation where IFC will provide an unfunded guarantee of up to $100 million for up to 3 years to Wells Fargo Bank on a trade finance portfolio of up to $200 million that issuing banks in emerging markets (“EMIBs”) originate in Egypt, Tunisia, Algeria, Morocco and Turkey (“Targeted Countries”). IFC will seek to obtain a counter-guarantee for up to 50% of IFC’s exposure from other development/international finance institutions (“Program Partners”).The proposed project is a direct fit with the IFC’s strategic focus to increase the access to finance for local EMIBs in Targeted Countries by risk-sharing in a portfolio of emerging market trade assets with a partner bank active in the MENA region. The proposed investment is a timely response to the political instability in the MENA region at a time when EMIBs and international banks are seeking IFC support to maintain or increase their trade volume in the region.