{"id":104016,"date":"2023-04-18T14:44:57","date_gmt":"2023-04-18T14:44:57","guid":{"rendered":"https:\/\/www.gtreview.com\/?p=104016"},"modified":"2023-04-18T14:44:57","modified_gmt":"2023-04-18T14:44:57","slug":"standard-chartered-and-ifc-sign-us700mn-deal-to-boost-global-trade-finance","status":"publish","type":"post","link":"https:\/\/www.gtreview.com\/news\/global\/standard-chartered-and-ifc-sign-us700mn-deal-to-boost-global-trade-finance\/","title":{"rendered":"Standard Chartered and IFC sign US$700mn deal to boost global trade finance"},"content":{"rendered":"
The International Finance Corporation (IFC) has agreed a US$700mn deal with Standard Chartered that is expected to support trade volumes worth US$6.4bn over three years.<\/p>\n
The investment is part of the IFC\u2019s global trade liquidity programme (GTLP), which provides liquidity or guarantees for trade in emerging markets, bringing together governments, banks and development institutions.<\/p>\n
Around 850 importers and exporters of commodities and essential goods across Asia, the Middle East and Latin America will be supported by the facility.<\/p>\n
Standard Chartered has been a partner of the GTLP since 2009. Its GTLP facilities have supported over US$20.5bn in global trade via more than 150 emerging market issuing banks across 17,746 transactions, without any defaults, the organisations say in a statement.<\/p>\n
The GTLP also has a climate component and is looking to expand into food security and markets covered by the International Development Association, which provides concessional loans and grants to the 75 poorest countries.<\/p>\n
Sunil Kaushal, Standard Chartered\u2019s regional chief executive officer for Africa and the Middle East, says: \u201cAs a leading trade bank, we have a crucial role to play in enhancing the accessibility to the capital and liquidity needed to facilitate global trade, and to do so in a sustainable manner.\u201d<\/p>\n
\u201cThe joint work of Standard Chartered and the IFC trade and supply chain department over the years has helped support trade in emerging markets, a key component of growth and job creation,\u201d says Mohamed Gouled, IFC vice-president.<\/p>\n
\u201cGiven our aligned footprint, shared vision for sustainable development and ability to deploy capital and expertise where our support is needed the most, I look forward to continuing to innovate together,\u201d Gouled adds, noting that the IFC is looking to put more focus on Sub-Saharan Africa and support smaller suppliers.<\/p>\n