16 June 2009

Citigroup, World Bank Partner to Boost Trade

The following is excerpted from the 16 June 2009 edition of “The Journal of Commerce”.

Citigroup and the World Bank have launched a $1.25 billion funding facility that will help banks in emerging markets extend financing to local importers and exporters, the banks announced Monday.

The three-year program could support estimated trade flows of up to $7.5 billion. Citigroup will provide 60 percent of the financing, or $750 million.

The private sector financing arm of the World Bank, the International Finance Corp, will work with other development agencies to provide the remaining $500 million.

The move is an extension of the Global Trade Liquidity Program, a World Bank initiative that brings together governments, international development agencies and private sector banks to support trade financing in emerging markets affected by the global financial crisis. That programs aim to support an overall volume of $50 billion in trade….