Wachovia Bank has closed a transaction with Argentina’s BBVA Banco Francs under the IFC’s US$1bn Global Trade Finance programme.

The transaction allows BBVA Banco Francs, an approved bank under the IFC programme, to use its own liquidity to fund trade transactions, while Wachovia provides a commitment to support the Argentine bank if it needs to drawdown over the life of the five-month transaction, says Norman Buchbinder, structured trade finance director at Wachovia.